Dinesh (kjl) (30 Points)
08 October 2011Dear Sirs,
Could you pl. help me out on following question:
If someone fullfill condition of 80RRA as a Tech.consultant (Profession).
Can he get benefit of another deduction under 44AB being Profession?
Or
What all kind of other deduction is allowed with 80RRA & upto what limit?
Thanks
Rajagopalakrishnan R
(PARTNER)
(1417 Points)
Replied 09 October 2011
Deduction under 80RRA is closed wef AY 2005-06 i.e there is no Such deduction now.
But what benefit are u expecting out of 44AB - it is just an obligatory section for certain assesees to get their accounts audited.
Dinesh
(kjl)
(30 Points)
Replied 09 October 2011
Sir,
thanks for your response.
How about section 80-O?Is it still applicable?
Other profession expenditures are allowed to deduct form earning in 80-O
Thanks
Dinesh
(kjl)
(30 Points)
Replied 09 October 2011
Can we make profit & loss account for 80-O section?
In profit & loss account all profession expenditure will be considered to get foreign income.
But I am affraid,whether 80-o allow to deduct another expenses apart from 50%?
Hari Wadhwa
(CA in Practice)
(485 Points)
Replied 23 October 2011
Dear Dinesh
The deduction U/s 80-O of Income Tax Act is NOT AVAILABLE from AY 2005-06.
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