In proprietorship firm
This query is : Resolved
26 February 2022
in proprietorship firm
why Salary of proprietorship firm is not allowed.
is Depreciation allowed as per income tax only.
why Salary of proprietorship firm is not allowed.
is Depreciation allowed as per income tax only.
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.
Yes, depreciation is allowed as per IT act.
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