Consultancy income
This query is : Resolved
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
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
20 June 2012
Consultancy charges are professional receipts. Section 44AD is NOT applicable to professional receipts.
20 June 2012
What about the expenses like office expenses, salary to staff, electricity that I have incurred to get meet the consultancy income
20 June 2012
These will be allowed as deduction while computing the taxable income.
24 June 2012
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