tax related question.

Shailu

Active Member
#1
Hello friends.
Suppose any one earn 7 lac rupees in one year
And as per incometax .after exempted amount 15%
Is taxable.
My question is suppose 5 lac amt is taxable.
Can we show expenses of 3 lac to tips provider?
2 lac expenses for office and staff.
 

TraderRavi

Gayi Bhains Pani Mein
#2
Hello friends.
Suppose any one earn 7 lac rupees in one year
And as per incometax .after exempted amount 15%
Is taxable.
My question is suppose 5 lac amt is taxable.
Can we show expenses of 3 lac to tips provider?
2 lac expenses for office and staff.
in that case IT dept will leave you and that tip provider will get his ass chopped :lol:
 

Shailu

Active Member
#3
in that case IT dept will leave you and that tip provider will get his ass chopped :lol:
Ravi ji u always take every topic as comedy but i ask
In simple manner if u dont wana reply than why u r
Putting useless comment.

If tips provider get fees of 3 lac than he also show
His expenses.and 2 lac is exempted for him also.
 

TraderRavi

Gayi Bhains Pani Mein
#4
Ravi ji u always take every topic as comedy but i ask
In simple manner if u dont wana reply than why u r
Putting useless comment.

If tips provider get fees of 3 lac than he also show
His expenses.and 2 lac is exempted for him also.
bhai its not comedy its serious reply, if your question has any value, why out of more than 180000 members no reply , think about it :D
a tip provider charging 3 lakh, can you show us any :mad:
 

umeshmandal

Well-Known Member
#5
Ravi ji u always take every topic as comedy but i ask
In simple manner if u dont wana reply than why u r
Putting useless comment.

If tips provider get fees of 3 lac than he also show
His expenses.and 2 lac is exempted for him also.
TR has given a very valid and logical reply!
"Show" isnt enough, you must have documentary evidence of payment !
Most of these expenses go unnoticed in a normal IT return. Problem comes when your file gets selected for Scrutiny !
 

Shailu

Active Member
#6
bhai its not comedy its serious reply, if your question has any value, why out of more than 180000 members no reply , think about it :D
a tip provider charging 3 lakh, can you show us any :mad:
Ravi ji 3 lac means yearly fees and that is his yearly
Income . Many tips provider charging 25k to 30k per
Month . Some are giving on profit sharing also.
 

mmca2006

Active Member
#7
Hello friends.
Suppose any one earn 7 lac rupees in one year
And as per incometax .after exempted amount 15%
Is taxable.
My question is suppose 5 lac amt is taxable.
Can we show expenses of 3 lac to tips provider?
2 lac expenses for office and staff.
You can show Rs. 3 lac paid to TIPs provider as expenses provided payment should be made through Bank otherwise it may be difficult for u to convince the Income tax dept.:)
 

Shailu

Active Member
#8
You can show Rs. 3 lac paid to TIPs provider as expenses provided payment should be made through Bank otherwise it may be difficult for u to convince the Income tax dept.:)
Yes payment should be made through cheque
Only than only we show it as expenses.
That expenses is income for that tips provider
This is what i m asking nothing more than that.

Thanks.
 
#9
you need to incorporate a business and then you can:

a) Deduct any expenses as operating expenses: Electicity/Water/Salaries/Books/Magazines and obviously your tip provider: You will need reciepts for these
b) Show remaining income as business income and taxed as per tax slabs on same

As an individual, you cannot do all of above, but as business incorporated (be it properitor/LLP/Pvt. Ltd.)
 

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