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In proprietorship firm

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(Querist)
26 February 2022 in proprietorship firm
why Salary of proprietorship firm is not allowed.
is Depreciation allowed as per income tax only.
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Dhirajlal Rambhia

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Dhirajlal Rambhia (Expert)
27 February 2022 Even if you allow salary to proprietor, finally it will get added to gross income of the proprietor, thereby net effect will be Nil. Hence as per IT act, salary to proprietor is not provided.

Yes, depreciation is allowed as per IT act.
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