Rent deduction 30% in an individual case
This query is : Resolved
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
20 September 2010
that is standard deduction.
so no question of demand
so no question of demand
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....
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