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Expenses to reduce income

19 June 2022

how much expenses we can claim to reduce income. i have income from salary and professional fees or consultation fees
and where to show in computation
please 🙏 help

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3 Replies

CA Rashmi Gandhi (Chartered Accountant) (86285 Points)
Replied 19 June 2022

There is no deduction in salary income except standard deduction of 50000 and professional tax if any, however in case of professional fees you can declare 50% income u/s 44ADA.

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prasad Nilugal ( GST Practitioner & Accounts ) (14217 Points)
Replied 19 June 2022

What is your profession ?. Just want to confirm , section 44ADA of the income tax , is applicable or not .

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Eswar Reddy S (CFO- at NHTF) (58213 Points)
Replied 19 June 2022

If it is eligible profession for 44ADA then you may show upto 50% expenses.

So there is no compulsion to show 50% expenses. You can show 10% to 30% expenses based on your total income

1 Like