Dear All,
My earning is 50200 p.m. after TDS deduction of Rs 5600.
Now i m spending on business travelling , office stationary, telephone, internet and other required things for office.
How can i show this spendings for tax saving and how much tax i have to pay after paying TDS.
Thanks in advance.
You can show these as expenses and your income would be calculated as
Income = Gross Sales - Expenses
Tax on the income computed as per the above formula would be liable to be paid as per the income tax slabs.
How did you arrive at this figure of 50200/- pm ? Is this your net profit or your revenue?
You will have to deduct expenses incurred to generate this income from your revenue to arrive at the net profit. This net profit shall be taxable, and the TDS can be claimed as tax credit.
if you are running your business and that income is not your salary income then you claim expenses
if that income is salary income then what are its effetcs ??
CAclubindia
