Rent deduction 30% in an individual case
This query is : Resolved
ANWAR DAMANWALA
(Querist)
20 September 2010
Dear Sir
An individual is getting rent Rs.1 lac p.a.
He allowed to get deduction of Rs.30k & he has to pay Tax on Rs.70k
While preparing Balance Sheet,in rent income i m showing Rs.1 lac & in exps. part/drawing i m not showing any amt. for deduction.
Question -
1)Is it necessary to show Rs.30k in withdrawal ?
2)If i m not showing Rs.30k in withdrawal, is the officer has rights to demand tax on Rs.30k at the time of scruitiny?
Pls reply
Thx
Anwar
An individual is getting rent Rs.1 lac p.a.
He allowed to get deduction of Rs.30k & he has to pay Tax on Rs.70k
While preparing Balance Sheet,in rent income i m showing Rs.1 lac & in exps. part/drawing i m not showing any amt. for deduction.
Question -
1)Is it necessary to show Rs.30k in withdrawal ?
2)If i m not showing Rs.30k in withdrawal, is the officer has rights to demand tax on Rs.30k at the time of scruitiny?
Pls reply
Thx
Anwar
sudhakar ca cwa
(Expert)
20 September 2010
that is standard deduction.
so no question of demand
so no question of demand
CMA Ramesh Krishnan
(Expert)
20 September 2010
That is only for calcualtion of tax purpose, hence no need to show the balance sheet
20 September 2010
income tax and accounts are two different topics....
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Oct 2025 Invoices
- Under marginal scheme
- Import of Software Service.
- Clarification Requested: Gift → NRO → NRE → Overseas Transfer - USA/CANDA (FEMA & Tax Compliance)
- GST on Renting godown to KFCSC for Storage of Raagi
- How to Handle Active E-Invoices in GST Portal Deleted from Tally?
- IMPORT PURCHASE ENTRY PASSED IN BOOKS OF ACCOUNT
- FAST DS 26 Undisclosed Foreign Asset Disclosure Scheme 2026
- Regime change
- Goods sold but invoice not issued
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
