Deduction for practicing CA

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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 PARAS BAFNA

CA PARAS BAFNA (Expert)
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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.)

CA PARAS BAFNA

CA PARAS BAFNA (Expert)
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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.

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