Can anybody provide me the list of deductions from porfessional income
Ajander Kumar (Student) (35 Points)
16 December 2008Can anybody provide me the list of deductions from porfessional income
VISHWANAND
(Practice)
(37 Points)
Replied 16 December 2008
Dear Ajender,
Your question gives me two kind of answer as follows:-
1) If you are taking about deduction from income earned for providing professional services then you can claim all expenses related to or in connection with providing professional services like conveyance, salary, printing & stationery etc.
2) For computing professional income for income tax purposes and claiming certain deduction available under income tax laws then the deduction permissible under income tax is based on the status of the tax payer and accordingly all availble deduction can be claimed to arrive at the net income which will be chaged to tax.
If you still want any clarity on it can revert with the same.
CAclubindia
