Presumptive taxation for professional
This query is : Resolved
29 November 2016
Is out of pocket expenses part of professional gross receipt ?
For example : I get paid 48 lakh for providing technical consultancy, but then I am paid 7 lakh towards expenses for Air ticket, Travelling ,Hotel expenses etc. So what will be the Professional gross receipt for purpose of presumptive taxation ? is it 48 lakh or 55 (48+7) lakh ?
For example : I get paid 48 lakh for providing technical consultancy, but then I am paid 7 lakh towards expenses for Air ticket, Travelling ,Hotel expenses etc. So what will be the Professional gross receipt for purpose of presumptive taxation ? is it 48 lakh or 55 (48+7) lakh ?
29 November 2016
Only any surplus on such reimbursements will be considered for inclusion in turnover.
23 January 2017
Thank you Seetharaman for your reply.
I read your reply as : If reimbursement amount if based on actual bill/expenses then it is not considered for inclusion in turnover. Say actual expense is 2 lakh and I claimed/received reimbursement of 3 lakh then only surplus i.e. 1 lakh is considered for inclusion in turnover.
Can you please confrim if my understanding of your reply is correct?
I read your reply as : If reimbursement amount if based on actual bill/expenses then it is not considered for inclusion in turnover. Say actual expense is 2 lakh and I claimed/received reimbursement of 3 lakh then only surplus i.e. 1 lakh is considered for inclusion in turnover.
Can you please confrim if my understanding of your reply is correct?
23 January 2017
Yes your understanding is right.
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