Income from salary head

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

09 November 2016 Dear Tax Experts

I'm withdrawing 25000/Month a want s salary form last one year . i have to pay income tax. i have one doubt where i want to deduct my expenditure like rent payable travelling expenses telephone expenses etc...

Thanks and Regards

CA SUNIL K GARG

CA SUNIL K GARG (Expert)
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09 November 2016 Expenses of rent payable or travelling will not deduct straight forward from salary. However it can be part of CTC and you can claim deduction u/s 10 as allowance which is eligible as per Income Tax Act, 1961.

Querist : Anonymous

Querist : Anonymous (Querist)

09 November 2016 Sir Every month I'm paying Electricity bill, telephone bill, and some expenditure comes every month like provision stores bill, and vehicle loan, vehicle depreciation, interest paid and water bill etc where i show this expenditure ......

CA SUNIL K GARG

CA SUNIL K GARG (Expert)
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09 November 2016 This is your personal expenditure, it will not considered for paying income tax

Querist : Anonymous

Querist : Anonymous (Querist)

09 November 2016 Thank U for Your Support .........................

Expert : Anonymous

Expert : Anonymous (Expert)

09 November 2016 expenses which you are asking, are allow for business income person like proprietor, professionals. not for salary persons

Querist : Anonymous

Querist : Anonymous (Querist)

09 November 2016 If i pay personnel interest, may i deduct expenses from income from profit or Business head?

Querist : Anonymous

Querist : Anonymous (Querist)

10 November 2016 Dear Sir

Plz attach here format of Balance sheet for individual account

Expert : Anonymous

Expert : Anonymous (Expert)

10 November 2016 interest paid for educational loan and home lone emi is deductible

Expert : Anonymous

Expert : Anonymous (Expert)

10 November 2016 personal loan cannot be claimed for deduction unless the loan was taken from bank or other prescribed lender

Expert : Anonymous

Expert : Anonymous (Expert)

10 November 2016 personal loan availed by customer are eligible for tax exemption only if the loan is sought for business purposes

Expert : Anonymous

Expert : Anonymous (Expert)

10 November 2016 and taken from bank not from non banking finance companies other than this specific case personal finance doesn't offer any tax rebate to customer

Querist : Anonymous

Querist : Anonymous (Querist)

14 November 2016 Dear Tax Experts

Please solve my below query....

1. While we preparing balance sheet to Individual account for Computation of Income Tax under the Income from Profession or Business Head . should we prepare capital account compulsory or Not?

Thanks and Regards

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