Salary

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

12 April 2013 baljit has business and he is a salaried person.
he maintain only one bank account for both
now he received salary whether salary is capitalised or treated as direct income for business

Dintakurthi Tirumala

Dintakurthi Tirumala (Expert)
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12 April 2013 There are two types of accounts one is considering salary amount as capital receipt i.e at the time of receipt of salary give credit to the capital account and at the time of computation of taxable income such salary income also shall consider.

Second one is you can directly credit that salary amount to P&L account i.e treating as either direct income or indirect income but should be separate with the separate account called as salary received.(My suggestion is better to consider as indirect income because of gross profit from business shall not effect and shows exact amount from business) and make necessary adjustments while preparing statement of total income i.e salary income shall be charged to tax under income from salary.

OM SAI SRI SAI JAI JAI SAI

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