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Classify profeesional fees as business income

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(Querist)
15 August 2014 My friend provide software related help to his us friends n in turn got 80000 as professional fees , can he classify it as business income and claim depreciation since being a salaried person depreciation benefit gets lapsed and also internet and telephone billing gets lapsed
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CA Devanand Jethanandani

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CA Devanand Jethanandani (Expert)
15 August 2014 Dear Soniya,

Yes, can be classified as business income and expenditure can be claimed, it will be better to keep books of accounts of the same and keep the proofs (bills) of the expenditure incurred.
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Rupesh Jain

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Rupesh Jain (Expert)
15 August 2014 income taxable under income from buisness and profession and maintain the books of a/cs its better.
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