Tax on Professional Fees

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  1. SANDEEP SAWANT

    SANDEEP SAWANT New Member

    under which head professiona lfees is taxable? any deduction available from such income?my professional fees received is rs.68000.in the previous year 2013-14.tds u/s 194j deducted is rs.6800.can i show it as aincome from other sources?
     
  2. Parul_Gupta

    Parul_Gupta Active Member

    Professional Fees is taxable under Head - "Income from Business and Profession"

    You can also show it as Income from Other Sources if this is not your main source of income.

    All expenses incurred by you in earning this income like Fuel Expense, Telephone Expense, Electricity Expense etc can be claimed as a deduction.
     
    SANDEEP SAWANT likes this.
  3. SANDEEP SAWANT

    SANDEEP SAWANT New Member

    if there is no record maintain then any percentage of adhoc deduction allowed to be taken under income tax act
     
  4. Parul_Gupta

    Parul_Gupta Active Member

    Bills would be required as the Income Tax Officer can ask for Records...
     
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