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Treatment of professional fee receipt in kind

Tax queries 317 views 2 replies

A retired professional proviedes  free consultancy on regualr basis to stock market investors  who lost heavily in their trading , to help them come out of their debts and to make their trading  run in to profits within a fixed time frame by providing various methods. He never charged anything from any one. He is helping people only as a social work  .But one client wants to pay him in kind by booking  his tickets for travel , buying his  medicines online  etc. . How the professional is supposed to treat this amount under  his IT return, if the annual amount of such payments exceed one lac.

 

Replies (2)

no need  

if dont raise the invoce for your service 

if raise the bill for your service then it can be adjusted against it and u have to mention in your 

returned

 

Thank you for your reply. Neither any fee charged nor invoice issued.


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