Income from professional services
This query is : Resolved
23 February 2011
one of my friend is working in a private limited company and receiving income in professional capacity, tax is deducted at source under the head "fees for professional or technical services". All the expenditure is borne by the company and nothing is expended for the purpose of his profession from his income. kindly help me to compute his income. whether any expenditure is to be deducted.kindly help
23 February 2011
whatever he receives from the Pvt.Ltd.Co., will be considered as his professional receipts. And if he receives any other consultancy fee then the same shall be included in income & if he has separate office place, the related office expenses & membership fees etc. he can claim as expenses.
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