vijay (Engineer) (17 Points)
25 October 2017Can a unregistered (Income below 20L) self employed professional claim tax deduction on his business expenses?
If No, What is the minimum registration a person should hold for such a deduction?
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(160327 Points)
Replied 25 October 2017
" Can a unregistered (Income below 20L) self employed professional claim tax deduction on his business expenses?"
Under GST? or IT?
vijay
(Engineer)
(17 Points)
Replied 25 October 2017
Income tax deduction and depreciation on equipment etc.
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(160327 Points)
Replied 25 October 2017
Below 20 lakhs limit GST registration is not mandatory, and as such any expenditure or even depreciation as per IT act are deductible from your professional income.
Under section 44ADA of IT act, you can directly get 50% deduction, and taxed only on remaining 50%.
GST Live Certification Course (39th Batch) - April 2024 (Weekend Batch) (With Certificate)
"Live class on Python for Financial Analysis: Unlocking Efficiency in Accounting and Finance"
CAclubindia
