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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Expenses to reduce income
Replies (3)
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.
What is your profession ?. Just want to confirm , section 44ADA of the income tax , is applicable or not .
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
So there is no compulsion to show 50% expenses. You can show 10% to 30% expenses based on your total income
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