Deduction for practicing CA
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
21 February 2011
Dear Experts
CA are on a compulsion to attend the prescribed CP hours form ICAI.
Is such expenditure deductible as an expense for a practicing CA from their professional income?
Secondly if the CA attends any course like IFRS , etc from ICAI are such course fees deductible as an expense from the professional income of practicing CA ?
Thnx in advance
CA are on a compulsion to attend the prescribed CP hours form ICAI.
Is such expenditure deductible as an expense for a practicing CA from their professional income?
Secondly if the CA attends any course like IFRS , etc from ICAI are such course fees deductible as an expense from the professional income of practicing CA ?
Thnx in advance
CA PARAS BAFNA
(Expert)
21 February 2011
CA are on a compulsion to attend the prescribed CP hours form ICAI.
Is such expenditure deductible as an expense for a practicing CA from their professional income?
Yes.
It is essential for a CA to remain updated with the latest knowledge. Assessing officers, who may also not be aware with all the amendments in the law, know that this is a revenue expenditure and deductible.
( However if CA pays fee and he does not attend CPE
hours, but gets credit thru a proxy,
the expenditure is deductible but not digestable.)
Is such expenditure deductible as an expense for a practicing CA from their professional income?
Yes.
It is essential for a CA to remain updated with the latest knowledge. Assessing officers, who may also not be aware with all the amendments in the law, know that this is a revenue expenditure and deductible.
( However if CA pays fee and he does not attend CPE
hours, but gets credit thru a proxy,
the expenditure is deductible but not digestable.)
CA PARAS BAFNA
(Expert)
21 February 2011
Secondly if the CA attends any course like IFRS , etc from ICAI are such course fees deductible as an expense from the professional income of practicing CA ?
Ans : Yes, it is deductible.
Ans : Yes, it is deductible.
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