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Consultancy income

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(Querist)
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
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CA Siddhartha Bhardwaj

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CA Siddhartha Bhardwaj (Expert)
20 June 2012 Consultancy charges are professional receipts. Section 44AD is NOT applicable to professional receipts.

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vikas

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vikas (Querist)
20 June 2012 What about the expenses like office expenses, salary to staff, electricity that I have incurred to get meet the consultancy income
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CA Siddhartha Bhardwaj

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CA Siddhartha Bhardwaj (Expert)
20 June 2012 These will be allowed as deduction while computing the taxable income.
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vikas

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vikas (Querist)
23 June 2012 Thankyou very much
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CA Siddhartha Bhardwaj

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CA Siddhartha Bhardwaj (Expert)
24 June 2012 You are welcome. You should use the thanks button to convey your thanks.
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