Income tax filling for proprietorship business

I am Software Engineer & work for a company. I also run a proprietorship business under which 2 other persons are working. One is getting 15k and another one is getting 25k.

Do I need to file my income tax for the company and business separately?

How can I show my expenses from my business in income tax filing?

Do I need to deduct TDS for my employees? How can I do so? When should I file my taxes?

Replies (4)

Dear Friend,

You should file the return using ITR-4 form, where you can give details of both salary as well as business income. In the ITR, you can also claim various expenses in relation to your income. Tax paying due dates will vary in accorance with your income. Hence, I suggest you consult with a C.A in practice in your locality for a detailed advise.

Originally posted by : Raphael
Dear Friend,

You should file the return using ITR-4 form, where you can give details of both salary as well as business income. In the ITR, you can also claim various expenses in relation to your income. Tax paying due dates will vary in accorance with your income. Hence, I suggest you consult with a C.A in practice in your locality for a detailed advise.

Thanks for your reply.

Do I need to file IT quarterly?

Dear Mrinmoy,

You need not file the quarterly return.  However, you may need to pay the advance tax as per the due dates.  As advised by Raphael, your practicing CA will advise you on these matters.

Do I need to maintain books of account?

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