- How can a sole proprietor can claim deduction of rent paid towards his shop?
- Whether in current year, Can previous years rent payments be also claimed if not claimed in previous years ?
- Maximum deduction in current year ?
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Deduction of rent in income tax
Replies (2)
Hi Vibhore!
You may prepare the P&L account of your business and treat the same as expense .This will reduce your profit.
There is no such limit for this.But maintain the genuiness of expenses.
Thanks!
Agree with Manish
As per Section 145 of income tax act, We have the choice of accounting either basis–cash or mercantile for business income.
If you follow cash basis of accouting then you can claim prepoius year expense in current year if you paid that expenses in current year.
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