Classify profeesional fees as business income
This query is : Resolved
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
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.
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.
15 August 2014
income taxable under income from buisness and profession and maintain the books of a/cs its better.
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?
- 15ca /15cb whose income tax login? remitter or nri seller's login?
- Regarding Documentation & Compliances for Opening of Unit of Pvt Ltd.
- TDS U/S. 194NF
- 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
- Applicable TDS rate for sale of property in Nov 2024
- Tds on building rent monthly
- Import license renewal
- 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
