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Income tax filing for self managed business
I am planning to start a business by attaching cars with Uber. While discussing with them they mentioned that for the financial transaction I simply need to give them my Savings Account number. My question is during the Income Tax filing how do I show the expenses incurred such as Driver Salary, Car Maintenance cost, Fuel cost, etc. I guess by showing these expenses will help me get tax benefits. Do I need to submit the bills against these transactions to the authorities? Do I need to register a Sole Proprietary Firm for that purpose? Will it be needed?
Replies (1)
In order to claim the expenses such as driver's salary, maintence etc, you need to maintain bills/vouchers etc when you make payment. No need to attach these bills etc with income tax return. You need to do so only when asked by IT authorities to furnish the same. You need to register with Service tax dept if the turnover exceeds ₹9 lacs. Your PAN card can be used for the purpose of proprietorship business.
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