one of my clients have received money from ketto, milaap and etc organization for medical surgery of heart and lung transplant,so what will be taxability of such amount received and where to show it in income tax return....?????
rajdip ranpara (proprietor) (140 Points)
08 October 2019one of my clients have received money from ketto, milaap and etc organization for medical surgery of heart and lung transplant,so what will be taxability of such amount received and where to show it in income tax return....?????
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(170080 Points)
Replied 08 October 2019
Being a surgeon, the income should be declared as professional income u/h. PGBP. If gross receipts from all such fees be below 50 lakhs in the financial year, he can opt for section 44ADA.
Dr.Jyothish Vijay
(Dr)
(214 Points)
Replied 26 October 2019
I think he asked about income tax implications for the patient who received the money
As for the surgeon...he will get only a part of the total amount as professional fees and this is taxable under the professional fees category.
The hosptial will on the other hand will pay taxes as though a business
Analysis of 20 GST Notices (including 2 Appeals) and Practise on Drafting(with recording)
GSTR 9 and 9C for FY 23-24 as amended by Notification 12/2024 dated 10th July 2024(with recording)
CAclubindia
