Income Tax Guide for Proprietor Firm
This query is : Resolved
09 March 2009
Hi,
Can some one please guide me to a guide to income tax rules and deductions etc for a proprietor firm. For eg. if a proprietor is paying rent for his house, can a deduction be cliamed from his income for the same? What all deductions are allowed to the proprietor from income tax under what all heads?
Thanks
Can some one please guide me to a guide to income tax rules and deductions etc for a proprietor firm. For eg. if a proprietor is paying rent for his house, can a deduction be cliamed from his income for the same? What all deductions are allowed to the proprietor from income tax under what all heads?
Thanks
CA.SHAHZAD SAYYED
(Expert)
09 March 2009
No deduction of personal nature are allowed in Proprietory Business,if you have made some expences then it has to debited in your capital A/c as a "withdrawal for personal exps"
10 March 2009
Thank you Shahzad. Can a proprietor pay himself salary from business and then claim HRA.? What can be done to minimise the tax impact?
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