Deductions for consultants
ESSKAAYJEE
(Querist) 26 May 2012
This query is : Resolved
I am a retired Govt officer working on a part time consultancy basis with an association.
I work three days a week and I am paid a monthly consultancy fee.A TDS is being deducted.
I have a car and a driver. phone at home with internet.I also buy books at times. These are not reimbursed by the association.
Pl advise me the deduction admissible to me in the income tax.
Devajyoti Barman
(Expert) 26 May 2012
You are already doing a wrong thing by earning outside the scope of governmental employment.
Nadeem Qureshi
(Expert) 26 May 2012
Dear Shusil
as you are a retired govt. officer and presently you are in job you can easily bear a lawyer fee, contact a lawyer in your local area and get resolution of your query.
Suhail A.Siddiqui
(Expert) 26 May 2012
Mr. Nadeem rightly advise. Retiring person get consultants job there is no problem. Being consultant u become professional and your income will be treated in the head of income from business and profession and your expenses in earning this taxable income are eligible for deduction. One thing keep in mind if turnover is 10 lakh, u are liable for service tax.
A V Vishal
(Expert) 27 May 2012
Mr Barman, the querist is saying he is retired so what's wrong
Shonee Kapoor
(Expert) 28 May 2012
I agree with Siddiqui Sir.
Regards,
Shonee Kapoor
harassed.by.498a@gmail.com
V R SHROFF
(Expert) 28 May 2012
I agree with Mr. Siddiqui.
You can claim depreciation fuel cost and all outgoing including drv salary on car , your phone & office rent if any,
If necessary, you can claim return on TDS.
Better engage I tax consultant to do needful;
V R SHROFF
(Expert) 28 May 2012
I agree with Mr. Siddiqui.
If senior citizen, and if income is not taxable, claim refund of full TDS
