Expense deductable against professional fees
This query is : Resolved
Prasad Balakrishnan
(Querist)
25 September 2022
A practising doctor has a revenue of 1.3Cr during XXXX year. What are the various types of expenses that can be written off to declare a profit of 58%of revenue. Kindly guide. He has 1.5l as depreciation.
Dhirajlal Rambhia
(Expert)
25 September 2022
All the expenses actually paid for the practice are deductible, including car loan interest etc. But any expense more than Rs. 10,000/-paid by cash will be disallowed. Note that tax audit report would be required to be filed on or before filling the ITR...
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