An advocate is a partner in a legal firm which provides consultancy to foreign clients in india. The partner has income consisting of salary from firm & share of profit from firm of nearby 1 Crore. The partner is maintaining one office at house and incurred expenditure on salary, entertainment, electricity, telephone, professional charges etc. of Rs. 4 lacs. I want to ask whether this expenditure to the tune of Rs. 4 lacs can be adjusted from the share of profit earned. Please advice.............i need urgent help
Menu
section 37(1)
Replies (3)
The said expenditure does not meet the requirement of 37(1). The onus of proving that they do is on the assessee.
Is The Office Of Advocate His Personal Or Of Firm??
If Its Firm's Office Then That Expenses Must Be Debited To P&L of The Firm
If It is His Personal Then It should be deducted frm the income he earns frm that office.
| Originally posted by :nitin wadhwani | ||
| " |
Is The Office Of Advocate His Personal Or Of Firm?? the expenduture cannot be adjusted against salary received from firm and the share of profit from partner ship firm is exempted.
|
" |
Recent Topics :
- Revising salary on 24Q Q4 FY 25-26
- LTCG: Home Loan Principal Repayment?
- Ims action relationship query
- GIFT REGARDING
- TDS on salary to non resident managing director
- Ewaybill and Transport documents (Lorry receipt)
- LTCG on sale of Builder Buyer Agreement
- Rule 13(2)(h) and valuation of CCDs
- Leave encashment, New labour code, Management cadr
- GST clarification needed:
Related Topics :
CAclubindia
