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Income Tax Guide for Proprietor Firm

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(Querist)
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
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CA.SHAHZAD SAYYED

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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"
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RV

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RV (Querist)
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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