Consultancy income of individual
This query is : Resolved
Querist : Anonymous
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))?
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.
Please note that he is required to maintain books of accounts u/s 44AA.
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