one of my clients have received money from ketto, milaap and etc organization for medical surgery of heart and lung transplant,so what will be taxability of such amount received and where to show it in income tax return....?????
one of my clients have received money from ketto, milaap and etc organization for medical surgery of heart and lung transplant,so what will be taxability of such amount received and where to show it in income tax return....?????
Being a surgeon, the income should be declared as professional income u/h. PGBP. If gross receipts from all such fees be below 50 lakhs in the financial year, he can opt for section 44ADA.
I think he asked about income tax implications for the patient who received the money
As for the surgeon...he will get only a part of the total amount as professional fees and this is taxable under the professional fees category.
The hosptial will on the other hand will pay taxes as though a business
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