Classify profeesional fees as business income
This query is : Resolved
CA SONIYA AGARWAL
(Querist)
15 August 2014
My friend provide software related help to his us friends n in turn got 80000 as professional fees , can he classify it as business income and claim depreciation since being a salaried person depreciation benefit gets lapsed and also internet and telephone billing gets lapsed
15 August 2014
Dear Soniya,
Yes, can be classified as business income and expenditure can be claimed, it will be better to keep books of accounts of the same and keep the proofs (bills) of the expenditure incurred.
Yes, can be classified as business income and expenditure can be claimed, it will be better to keep books of accounts of the same and keep the proofs (bills) of the expenditure incurred.
Rupesh Jain
(Expert)
15 August 2014
income taxable under income from buisness and profession and maintain the books of a/cs its better.
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