Consultancy income

This query is : Resolved

vikas (Querist)
Follow

19 June 2012 1. Will consultancy charges received be allowed for only 8% presumptive income u/s 44AD
2. Will it make a difference, apart from paying extra taxes, if the so called Presumptive Income is around 50% of the total gross receipts of the Consultancy Income

CA Siddhartha Bhardwaj

CA Siddhartha Bhardwaj (Expert)
Follow

20 June 2012 Consultancy charges are professional receipts. Section 44AD is NOT applicable to professional receipts.

vikas

vikas (Querist)
Follow

20 June 2012 What about the expenses like office expenses, salary to staff, electricity that I have incurred to get meet the consultancy income

CA Siddhartha Bhardwaj

CA Siddhartha Bhardwaj (Expert)
Follow

20 June 2012 These will be allowed as deduction while computing the taxable income.

vikas

vikas (Querist)
Follow

23 June 2012 Thankyou very much

CA Siddhartha Bhardwaj

CA Siddhartha Bhardwaj (Expert)
Follow

24 June 2012 You are welcome. You should use the thanks button to convey your thanks.

Message likes : 1 times

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now

Similar Resolved Queries

Unanswered Queries

Popular
Recent

Trending Online Classes

Direct Tax Laws & International Taxation May 26,Sept 26 & Jan 27

CA Arvind Tuli

Enroll Now
Audit Fast Track Recorded Batch For May 26,Sept 26 & Jan 27

CA Aarti Lahoti

Enroll Now
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English

CA Bhanwar Borana & CA Shubham Keswani

Enroll Now

view all classess

Meet our CAclubindia PRO Members

DURGA TANDEL

efiletax

Hitesh Desai

sathish kumar k

CA Sabrish Nair

Subscribe Now

Consultancy income

Similar Resolved Queries

Trending Online Classes

Meet our CAclubindia PRO Members

Quick Links

Browse by Category

Latest Job Openings

Senior Executive

Manager- Finance and Compliance

CA Final

GST CONSULTANT

GST CONSULTANCY

Accountant