16 November 2010
Dear friend I am practcing advocate at Mumbai, i will be get my professional fee Rs. 20 lakh from my client. 1. How i can save my tax amount Rs. 6 lakh please guide me.
2. wheather my fee amount come under capital gain.
16 November 2010
Hi, Make clear is this total for the year ?There is no shortcut,u have to keep books .Book your exp/office/salaries of asst/helpers.Tax will be on profit. This is not a capital gain,
16 November 2010
Dear friend, First of all on one time basis you can not plan for the year. You need to take year wise income, for planning purpose. In short and in general you can claim 1,20,000 deduction as a individual.
Your fee not come under capital gain but you need to pay advance tax.
If you have any queries, you can write me on abhishek_jaipuriya@yahoo.co.in
CAclubindia
