Tax For Artists

Income for a musician is a professional income  ,it is taxable under the  head of  "Profit & Gain of Business & Profession " in this case Income & Expenditure Account along with Statement of Affairs will be required for the purpose of computation of total income of the assessee.

In this case "Revenue "nature of expense will be allowed as expensesof the business and any "Fixed Assets "purchase by the professional for  use of business & profession will be allowed as a depriciation