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    Chartered Accountant - Income From Profession

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    hanumanthaiahgowda
    The document outlines various professional receipts and expenses for a Chartered Accountant, including audit fees, consultancy services, institute fees, gifts from clients, and other professional income against expenses like audit fee expenditures, institute expenses, depreciation, motor car expenses, membership fees, and other costs incurred to increase professional knowledge. It provides an example income and expenditure account for a Chartered Accountant for the year 2018-19, showing professional incomes from audit fees, consultancy services, interest, dividends, and accountancy works against expenses like office rent, staff salaries, charities, gifts, subscriptions, and drawings to calculate net income from the

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    Chartered Accountant - Income From Profession

    Uploaded by

    hanumanthaiahgowda
    2K views3 pages
    The document outlines various professional receipts and expenses for a Chartered Accountant, including audit fees, consultancy services, institute fees, gifts from clients, and other professional income against expenses like audit fee expenditures, institute expenses, depreciation, motor car expenses, membership fees, and other costs incurred to increase professional knowledge. It provides an example income and expenditure account for a Chartered Accountant for the year 2018-19, showing professional incomes from audit fees, consultancy services, interest, dividends, and accountancy works against expenses like office rent, staff salaries, charities, gifts, subscriptions, and drawings to calculate net income from the

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    Income from profession

    Original Title

    Chartered Accountant- income from profession

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    The document outlines various professional receipts and expenses for a Chartered Accountant, including audit fees, consultancy services, institute fees, gifts from clients, and other professional income against expenses like audit fee expenditures, institute expenses, depreciation, motor car expenses, membership fees, and other costs incurred to increase professional knowledge. It provides an example income and expenditure account for a Chartered Accountant for the year 2018-19, showing professional incomes from audit fees, consultancy services, interest, dividends, and accountancy works against expenses like office rent, staff salaries, charities, gifts, subscriptions, and drawings to calculate net income from the

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    2K views3 pages

    Chartered Accountant - Income From Profession

    Uploaded by

    hanumanthaiahgowda
    The document outlines various professional receipts and expenses for a Chartered Accountant, including audit fees, consultancy services, institute fees, gifts from clients, and other professional income against expenses like audit fee expenditures, institute expenses, depreciation, motor car expenses, membership fees, and other costs incurred to increase professional knowledge. It provides an example income and expenditure account for a Chartered Accountant for the year 2018-19, showing professional incomes from audit fees, consultancy services, interest, dividends, and accountancy works against expenses like office rent, staff salaries, charities, gifts, subscriptions, and drawings to calculate net income from the

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    of 3

    In case of Chartered Accountant

    Particulars ₹ ₹
    Professional Receipts:
    1. Audit fees XXX
    2. Gain from Accountancy work XXX
    3. Institute fees XXX
    4. Examiners fees XXX
    5. Gifts from clients XXX
    6. Consultancy services XXX
    7. Any other professional receipt XXX
    Total Professional Receipts XXX
    Less: Professional Expenses:
    1. Audit fee expenditure XXX
    2. Institute expenses XXX
    3. Depreciation on books at prescribed rates XXX
    4. Motor car expenses relating to professional work XXX
    5. Membership fees XXX
    6. Depreciation on office equipment or vehicles XXX
    7. Any other expenditure incurred to increase professional
    knowledge
    XXX
    8. Stipend to trainees XXX
    9. Subscriptions XXX
    10.Depreciation on office furniture XXX XXX
    Income from Profession XXX

    Example:
    Mr. Sanath Kumar is a Chartered Accountant in Bangalore. He has submitted the following income and expenditure account for the year
    2018-19. Compute his income from profession for the AY 2019-20.
    Income and Expenditure A/c
    Expenses ₹ Incomes ₹
    To Office Rent 66,000 By Audit fees 6,00,000
    To Salary to staff 1,50,000 By Financial Consultancy services 1,20,000
    To Charities 10,000 By Interest on deposits in a bank 44,000
    To Gifts to relatives 12,000 By Dividents on units of UTI 12,000
    To Subscriptions to journals 4,800 By Accountancy works 64,000
    To Drawings 32,000
    To Car expenses 48,000
    To House hold expenses 17,200
    To NSC purchased 40,000
    To Net income 4,60,000
    8,40,000 8,40,000
    Additional Information:
    1. Office rent ₹ 6,000 though paid is not recorded.
    2. Depreciation of car during the year is ₹ 12,000.
    3. 30% of car expenses are related to personal purpose.

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