My friend works as a service technician or consultant as a profession. He does not maintain books of account for the receipts as well as expenditure incurred for his travelling and other daily expenses.
Is there any statutory exemption to deduct a fix amount for these expenditures. If it is, then what is the percentage?
Can he claim expenditure on medical bills, travel, lic and accomadation without attaching documents to the ITR 4 form while filing tax return?
Please guide us.
Thanks.
Dear Balu
In case of Professional income the assessee can deduct expenses related to the profession and there is no any percentage of expenses for deduction. only related to profession not personal ex. LIC or Self accomodation.
in case fo accomodation i.e, rent paid can be considered to deduction under sec 80GG.
once he crosses 15LK receipts he needs to maintain books of Accounts and get audited by a CA under section 44AB.
KK & Company Chartered Accountant
Pune
CA Inter
View Details
Saini Pati Shah & Co LLP, Chartered Accountants
Mumbai
CA Foundation
View Details
Murali and Sumeet Chartered Accountant
Bengaluru
CA Foundation
View Details
CCI
Pro
CAclubindia
