Hi everyone, I am stock trader. I was thinking of incorporating a company in my name. I make some good money every year. I was wondering if I can use my earnings from this year for something like paid up capital to incorporate a company (basically i plan on transferring my income to the company's account and then use it for trading). Can i avail an income tax deduction for this?
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Incorporating a company
Replies (1)
HI
If you will be trading with your own money then forming Company is of no use as per my view.
There is separate set of provision for co, where you can claim certain Business Expenditure.
Where it comes to Taxability of Income Company lacks standard deduction of Rs. 2 lac which an individual get and all income is taxed @ 30%
Thanks
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