allowable deductions for consultant

I am working as consultant with an IT & Software company. I am using part of my home for work purpose. I am attending the company maximum time and have little work at home. In this case what all expenses can I get deductions for computing taxable income. Your kind replies will be very much helpful.thanks. ravi

asked Jan 20 '12 at 16:14 by valsara 1111

if you are not on payroll of company, your income would be treated as income from business/profession. In such case, you can show expenses such as mobile/telephone bills, internet expenses, hardware purchase (if any), petrol expenses to visit client's offices etc.

For income from business/profession, one has to make profit/loss accounts and all these expenses would be deducted as business expenses.

answered Jan 23 '12 at 15:59 by Pankaj Batra 5.2k320


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Asked: Jan 20 '12 at 16:14

Seen: 1,959 times

Last updated: Jan 23 '12 at 15:59