Dear Sir,
I earn consultancy fee under Sec 194J which is more than Rs. 30,000 in a FY. I would like to know if there is any exemption on income tax for upto 40% of the annual fee receipt.
Thanks & Regards
Abir
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Clarification requested
Replies (1)
Dear Abir, When you earned money by way of providing consultancy services which covering under Sec.194J which will be taxable. However, you will get deduction from taxable annual receipts by way of actual expenditure incurred for providing those consultancy services.
That is Consultancy fee Receipts - Expenditure incurred for providing services = NET INCOME for that year will be taxable as per normal income Tax Slabs.
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