ITR -4
This query is : Resolved
Gireesh Hegde
(Querist)
29 June 2011
Hi,
i just wanted to know for professional income (below 10 lakhs),audit is required or not?
also what are all the expenses we can consider in the expenses account?
can he claim 1 lakh under section 80C?
can he consider depreciation for his own vehicle as expenses in the P&L Account?
i just wanted to know for professional income (below 10 lakhs),audit is required or not?
also what are all the expenses we can consider in the expenses account?
can he claim 1 lakh under section 80C?
can he consider depreciation for his own vehicle as expenses in the P&L Account?
Aditya Maheshwari
(Expert)
29 June 2011
Professional liable for tax audit from F. y. 2010 - 11 if receipts exceed Rs. 15,00,000/-.
All expenses related to professional business can be claimed as expenses.
Depreciation if used for professional business can also be claimed as expenses.
All expenses related to professional business can be claimed as expenses.
Depreciation if used for professional business can also be claimed as expenses.
Gireesh Hegde
(Querist)
29 June 2011
Thanks Mr.Aditya.
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