Salary of Proprietor
This query is : Resolved
A.Dhilipkumar
(Querist)
21 December 2009
Dear sir,
I would like to know whether salary can be paid to the proprietor of the business
I would like to know the reply
by today
thanking you
dhilip
I would like to know whether salary can be paid to the proprietor of the business
I would like to know the reply
by today
thanking you
dhilip
21 December 2009
Dear Dilip,
Salary to proprietor cann't be paid and it is not permissible expenditure under income tax act,1961. The logic is proprietor is owner of the business and he enjoys gain of the business and hence he is not entitle for separate salary.
Salary to proprietor cann't be paid and it is not permissible expenditure under income tax act,1961. The logic is proprietor is owner of the business and he enjoys gain of the business and hence he is not entitle for separate salary.
Murtaza I Bhagat
(Expert)
21 December 2009
Its not Possible because in Proprietorship concern their is only one person who shares all the profit/loss. if you have to pay salary than you have to hire a person or persons that you can debit Salary Exp. in your books of account.
No otherway and no acts avaiable for Proprietor's Salary as per Income tax Act.
No otherway and no acts avaiable for Proprietor's Salary as per Income tax Act.
CA Suresh Choudhary
(Expert)
21 December 2009
Agree with expert
CA CHINTAN AJMERA
(Expert)
21 December 2009
Salary to proprietor cann't be paid
21 December 2009
agree
CA Ravi Sisodia
(Expert)
21 December 2009
agree
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