Business expenses
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
29 July 2010
I have income from profession, Facilitation Fee from MLM, and Insurance Agent’s Commission.
I have incurred expenses on fuel, telephone and business promotion expenses..(without any bills).
Can you tell me if I can avail deduction of these from my business income and if yes, what percentage of it?
I have incurred expenses on fuel, telephone and business promotion expenses..(without any bills).
Can you tell me if I can avail deduction of these from my business income and if yes, what percentage of it?
CA. Pradeep Nayak
(Expert)
29 July 2010
There is no fixed percentage for claiming deduction of these expenses. Ideally you should maintain bills against expenses incurred & claim deduction there of.
However, you may make an estimate of the amount incurred & claim deduction in your ITR4 stating you have not maintained regular books of accounts. Allowance of such deduction shall be at the discretion of the Assessing Officer.
However, you may make an estimate of the amount incurred & claim deduction in your ITR4 stating you have not maintained regular books of accounts. Allowance of such deduction shall be at the discretion of the Assessing Officer.
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29 July 2010
You can have your own Income statement in which you can deduct a fare amount of such expenses while arriving at the final profit figure.
But, as Mr. Pradeep also pointed out, since you don't have any bills, you need to convince the assessing officer regarding such deduction, if at all any question be raised by him.
But, as Mr. Pradeep also pointed out, since you don't have any bills, you need to convince the assessing officer regarding such deduction, if at all any question be raised by him.
29 July 2010
Without expense bills, you cannot do it....and it wont be allowed by ITo and your auditor as per rules..
Now be practical......
If there is no audit and income lesss than 10 lacs.. do it.. noone will see it...
so depends upon your total income you can put percentage of expense....
Now be practical......
If there is no audit and income lesss than 10 lacs.. do it.. noone will see it...
so depends upon your total income you can put percentage of expense....
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