Hi Guys,
I have a question. How is the "Total Income" is calculated for an artiste (musician) in accordance with the IT Act and for ITR purpose.
Income Details:
Expenditure:
Please help me with this.
Regards,
Krishna
Income for a musician is a professional income ,it is taxable under the head of "Profit & Gain of Business & Profession " in this case Income & Expenditure Account along with Statement of Affairs will be required for the purpose of computation of total income of the assessee.
In this case "Revenue "nature of expense will be allowed as expensesof the business and any "Fixed Assets "purchase by the professional for use of business & profession will be allowed as a depriciation .
Thanks
Jai Ho
S.K.GUPTA
CAclubindia
