Income tax on Properitory firm

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I have properietory firm with 7 employee. I am giving them salary using checks.

Now, for Incometax purpose, my questions are as belows:

1) Should I deduct TDS from the company side?

2) Can I issue form no 16 from company side?

3) What are the ways to save the taxe from the company perspective in properitory firm.

4) What might be the estimate of filling firm's taxes if turnover is around 10 lac.

 

Thanks in advance,

Replies (2)

 

First take TAN no. than you will be liable for deduct tds or issue form 16.

proprietorship firm is exempted from TDS/TCS provisions unless they are subject to audit in previous year,

the income of the proprietorship firm is taxed in hands of the individual ( proprietor) 


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