Profession
This query is : Resolved
18 July 2009
Q1)If an assessee is an actor by profession and he has to commute to the place of shooting and has to even bear cost of rent & deposit for staying as paying guest then can these all expenses of:
[i] Rent
[ii] Conveyance
[iii]Deposit
be claimed as deduction?
Please also guide as to which documents are to be attached as supportings to claim these expenses?
Q2) What will be due dates for filing the return for the given two assessees?
[i] Income earned as commission
[ii]Acting Profession
Please also state the ITR forms for each of the assessees?
Thanx in advance......
[i] Rent
[ii] Conveyance
[iii]Deposit
be claimed as deduction?
Please also guide as to which documents are to be attached as supportings to claim these expenses?
Q2) What will be due dates for filing the return for the given two assessees?
[i] Income earned as commission
[ii]Acting Profession
Please also state the ITR forms for each of the assessees?
Thanx in advance......
18 July 2009
Rent and conveyance can be claimed as expenses incurred to earn the professional income. If the deposit is refundable, cannot claim as the said expenses otherwise can claim. Documents to be preserved,not to submit along with return form, are for rent rent receipt, for conveyance bus ticket/train ticket/air ticket/ taxi bill/petrol bills if vehicle is owned by the actor.
Cut off date for filing the return of income in the case of commission is, if the gross receipts is < Rs 40/-lakhs per annum 31/7/2009 otherwise 30/9/2009. Similarly for acting profession if the gross receipts is < Rs 10/- lakhs per annum cut off date is 31/7/2009 otherwise 30/9/2009.
In both cases ITR-4 is required.
Cut off date for filing the return of income in the case of commission is, if the gross receipts is < Rs 40/-lakhs per annum 31/7/2009 otherwise 30/9/2009. Similarly for acting profession if the gross receipts is < Rs 10/- lakhs per annum cut off date is 31/7/2009 otherwise 30/9/2009.
In both cases ITR-4 is required.
Message likes :
1 times
18 July 2009
Thank you sir....
Please also guide me that for assessee in acting profession does he need to prepare Balance sheet & P&L ?
and also what will be the different components of Balance sheet for such an assessee?
Please also guide me that for assessee in acting profession does he need to prepare Balance sheet & P&L ?
and also what will be the different components of Balance sheet for such an assessee?
18 July 2009
Acting (film artist) is a profession vide CBDT Notification No SO 17(E) dated 12/01/1977.Accordingly section 44AA of the Income tax act,1961 applies to film actor leading to preparation of B/S and I& E statements.
19 July 2009
Any one doing Business or in Profession needs to keep Books of Accounts and prepare Balance sheets
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Itr 1 processing
- Off Market debit and credit transaction
- Showing Gift from relative in ITR for this year
- INCOME TAX ON REDEVELOPEMENT OF FLAT
- Share accounting-->fifo - capital gain - period as per fifo?
- Short Term Capital gain on shares bought and sold after 2018 onwards
- ITR selection for salaries and capital gain less than L
- ITR returnFY25-26
- ITR 2 Short Term gain & Long term gain
- Form 10E u/s 89(1). Need clarification because experts opinions differ !!!!
- Difference in tax comparison report
- Gst invoice numbering and delivery challan numbering
- Sales amount in Gstr1
- E Commerce GSTR1 & 3B how to file
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
- GST Refund_RFD-01
- Form10BD was uploaded successfully without any Error but after 24 hours, Form10BE are not available
- Annexure B utility for GST Refund
- Tax amount diff in Gstr1 and 3B in tax compare reports
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
