ITR -4

This query is : Resolved

Gireesh Hegde (Querist)
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29 June 2011 Hi,

i just wanted to know for professional income (below 10 lakhs),audit is required or not?

also what are all the expenses we can consider in the expenses account?

can he claim 1 lakh under section 80C?

can he consider depreciation for his own vehicle as expenses in the P&L Account?

Aditya Maheshwari

Aditya Maheshwari (Expert)
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29 June 2011 Professional liable for tax audit from F. y. 2010 - 11 if receipts exceed Rs. 15,00,000/-.

All expenses related to professional business can be claimed as expenses.

Depreciation if used for professional business can also be claimed as expenses.

Gireesh Hegde

Gireesh Hegde (Querist)
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29 June 2011 Thanks Mr.Aditya.

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