Profession
This query is : Resolved
18 July 2009
Q1)If an assessee is an actor by profession and he has to commute to the place of shooting and has to even bear cost of rent & deposit for staying as paying guest then can these all expenses of:
[i] Rent
[ii] Conveyance
[iii]Deposit
be claimed as deduction?
Please also guide as to which documents are to be attached as supportings to claim these expenses?
Q2) What will be due dates for filing the return for the given two assessees?
[i] Income earned as commission
[ii]Acting Profession
Please also state the ITR forms for each of the assessees?
Thanx in advance......
[i] Rent
[ii] Conveyance
[iii]Deposit
be claimed as deduction?
Please also guide as to which documents are to be attached as supportings to claim these expenses?
Q2) What will be due dates for filing the return for the given two assessees?
[i] Income earned as commission
[ii]Acting Profession
Please also state the ITR forms for each of the assessees?
Thanx in advance......
18 July 2009
Rent and conveyance can be claimed as expenses incurred to earn the professional income. If the deposit is refundable, cannot claim as the said expenses otherwise can claim. Documents to be preserved,not to submit along with return form, are for rent rent receipt, for conveyance bus ticket/train ticket/air ticket/ taxi bill/petrol bills if vehicle is owned by the actor.
Cut off date for filing the return of income in the case of commission is, if the gross receipts is < Rs 40/-lakhs per annum 31/7/2009 otherwise 30/9/2009. Similarly for acting profession if the gross receipts is < Rs 10/- lakhs per annum cut off date is 31/7/2009 otherwise 30/9/2009.
In both cases ITR-4 is required.
Cut off date for filing the return of income in the case of commission is, if the gross receipts is < Rs 40/-lakhs per annum 31/7/2009 otherwise 30/9/2009. Similarly for acting profession if the gross receipts is < Rs 10/- lakhs per annum cut off date is 31/7/2009 otherwise 30/9/2009.
In both cases ITR-4 is required.
Message likes :
1 times
18 July 2009
Thank you sir....
Please also guide me that for assessee in acting profession does he need to prepare Balance sheet & P&L ?
and also what will be the different components of Balance sheet for such an assessee?
Please also guide me that for assessee in acting profession does he need to prepare Balance sheet & P&L ?
and also what will be the different components of Balance sheet for such an assessee?
18 July 2009
Acting (film artist) is a profession vide CBDT Notification No SO 17(E) dated 12/01/1977.Accordingly section 44AA of the Income tax act,1961 applies to film actor leading to preparation of B/S and I& E statements.
19 July 2009
Any one doing Business or in Profession needs to keep Books of Accounts and prepare Balance sheets
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Is this income indian or foreign income?
- RCM applicability on Rent Paid by Registered Person to Unregistered Landlord for Residental Building
- GST on export of services and Input Credit
- ITC temporary reversal and reclaim
- Inventory of finished goods
- Applicable TDS rate for sale of property in Nov 2024
- Tds on building rent monthly
- GST ON EXPORT COMMISSION
- Can we claim ITC of Feb-2024 in the month of November-2024 which was not claimed by oversight
- REGARDING 25 AS DATE OF PAYMENT AND DATE OF BOOKING
- LAST YEAR 2022-23 ITC IN NEXT YEAR 2023-24 REPORITNG IN GSTR-9
- MIS MATCH OF INVOICE NUMBER
- IGST Credit-Show cause notice issued-confusion
- Issue of gst e invoice
- How to adjusted advances given or receipt
- Foreign vendor without PAN unable to to register due to non receipt of OTP on foreign number ?
- 133(6) DIN INVALID format error - ->WHERE TO REPLY 133(6) notice?
- Query for dubts
- Regarding einvoice taken on nil rated sales
- Strategical investment in Public listed company
Trending Online Classes
CAclubindia
