Drawings
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
11 November 2013
My client named A(who is married & living with his parents) is employed elsewhere and earing salary. His father is also earning salary and all household expenses are met from salary of father.
My question is whether A is reuired to withdraw certain part of salary towards drawings.
If he does not withdraw any part of his salary and deposits the entire salary in investments, whether it may cause any porblems in matter of income tax.
In other words, i want to ask whether a person may deposit his entire salary in bank.
My question is whether A is reuired to withdraw certain part of salary towards drawings.
If he does not withdraw any part of his salary and deposits the entire salary in investments, whether it may cause any porblems in matter of income tax.
In other words, i want to ask whether a person may deposit his entire salary in bank.
11 November 2013
If he can explain satisfactorily- how his expenditures are being met, then there is no problem. He can remain dependent on his parents. Question of withdrawal generally does not arises in case of a salaried person. It may arise sometime, when he would asked about the source of relatively higher amount investment.
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