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Expenses to reduce income

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17 Points Joined March 2019
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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On 19 June 2022 at 16:23 Report
Replies (3)
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Chartered Accountant
86505 Points Joined April 2011
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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On 19 June 2022 at 16:57
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GST Practitioner & Accounts
15083 Points Joined March 2014

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

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On 19 June 2022 at 17:00
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CFO- at NHTF
58280 Points Joined August 2012
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
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On 19 June 2022 at 17:59

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