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Consultancy income of individual

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Querist : Anonymous

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Querist : Anonymous (Querist)
25 June 2012 An individual working as a consultant in a company is getting a fees of Rs 7 lakha(approx) and TDS with respect to that is around Rs.70000/- is there any tax planning measure to reduce his income tax liability (like claiming certain expenditure (he doesn't maintain any bill of expenses))?
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CA Siddhartha Bhardwaj

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CA Siddhartha Bhardwaj (Expert)
26 June 2012 Yes he can claim expenses against such income.

Please note that he is required to maintain books of accounts u/s 44AA.
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