Dear Sir,
Hope you are doing well !!
Your query is too short to understand & judge.
Could you share further details like what type of income i.e. business income or other income?
Thanks & Regards,
Payal Chhajed
Wats the allowed expenditure on my income
Dear Sir,
Hope you are doing well !!
Your query is too short to understand & judge.
Could you share further details like what type of income i.e. business income or other income?
Thanks & Regards,
Payal Chhajed
Sir but what's your income please elaborate your query.
If you are asking from an ITR point of view allowed expenditure are any expenditure which you incurred for the purpose of your business and which are allowed by income tax act. For eg: you have debited 50000 as depreciation but as per income tax only 30000 is allowed as depreciation so 30000 would be allowed expenditure and rest disallowed.
Hope you find the information helpful if you do please rate it 5 and provide your valuable feedback for my improvement.
Thank you
Hi
What's your source of income? The allowability of expenses shall depend on the nature of your income. Please let us know the same.
There are 2 ways in which income gets taxed under income tax Act. -
1. under presumptive taxation - minimum 8 % of your Turnover will be considered as Net profit in case of Business income. (also declare more than 8%) (no need to maintain expenditure proof ) - 50% net profit in case of professional Income.
2. Or Maintain books of account & get it audited where you can declare net income as per actual. ( Thus here you need to be concerned about expenditure).
All those expenses which are incurred for purpose of business are allowed for deduction.