U S Sharma
(glidor@gmail.com)
(21063 Points)
Replied 18 August 2012
bt in the query itself, the petrol is mentioned, however for a two wheeler even upto 2500 petrol can be booked,
balance, towards taxi fare ( travelling exp), and other books and periodicals ( needed for research) ...claim upto 50% to 65% exp and then add the balance to taxable income
dont forget to pay profession tax as per the slab applicable under the state( if the profession tax is not deducted by the part time employer), or after sometime it will be a headache.
Jai Kumar
(CA_Final_ Nov 12)
(63 Points)
Replied 19 August 2012
Richa,
there is no mandatory requirement that if u show business income u ought to have certain expenses n prepare P/L account. U can simply declare the amt received as receipt and show 100% income, which as per u is the factual position..
vijay kumar
(sdfsd)
(21 Points)
Replied 23 August 2012
only those Profession which is specified by IT act in Professional Services Must be taxed under Under PGBP
plz chack that your client have quilify that professional qualification as per IT act
for assessee if any income wich is not covered under any specific Head as specified by IT act that can be Taxable Under other sources, dons't matter deductor Have deducted TDS in any section
CAclubindia
