Dear Sir,
I earn consultancy fee under Sec 194J which is more than Rs. 30,000 in a FY. I would like to know if there is any exemption on income tax for upto 40% of the annual fee receipt.
Thanks & Regards
Abir
Menu
Clarification requested
Replies (1)
Dear Abir, When you earned money by way of providing consultancy services which covering under Sec.194J which will be taxable. However, you will get deduction from taxable annual receipts by way of actual expenditure incurred for providing those consultancy services.
That is Consultancy fee Receipts - Expenditure incurred for providing services = NET INCOME for that year will be taxable as per normal income Tax Slabs.
Recent Topics :
- SUPPLEMENTARY AGREEMENT FOR ADDING A PARTER IN TN
- Part availmement of ITC in case of rejection of su
- Due date for itr 5 no audit with loss for fy 25 26
- Capital Gains Mismatch AIS
- Inward E-way bill from Tally Prime 7.1
- Query regarding exemption under Section 10(10AA) &
- NPO registered under sec 8 itr filing
- Form 144 (Earlier 27Q) – Reason Code (A/C/G/
- Nps taxation
- Representative assessee
Related Topics :
CAclubindia
