Dear Experts,
I hv below queries, pls help to resolve them.
1. income earned from business in case of individual has to pay taxes based on income tax slab under individual category right ?
2. payments made to another individual related to business can b booked as expenses ? every month amount is paid more than 20k and no tds was deducted.
3. which itr to use to file ?
4. does this has to b filed having balance sheet and profit and loss a/c itr even in case of individual?
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profit from business
Replies (8)
1. Yes..... u/h. PGBP
2. For 'fixed amount as salary' or as per cotractual payment or professional fees ... TDS to be deducted for salaries if exceeds 2.50 L PA.... for others.. may not be liable in your case.
3. ITR4 with no books of accounts for eligible business. Otherwise ITR3
thank you for answering my queries... so point no. 3, is ok... if not deducted in individual case right ? just to reconfirm
"so point no. 3, is ok... if not deducted in individual case right ? "
Please elaborate query with respect to deductor and aggregate amount paid...
I mean to say... as an individual, myself I have paid monthly fees to one of person on monthly basis (it's only paid to 2-3 ppl every month) and I am not deducted any taxes under salaries or under professional fees... can these expenses which are paid b considered as expenses in my business ?
| Originally posted by : Varsha | ||
 |
I mean to say... as an individual, myself I have paid monthly fees to one of person on monthly basis (it's only paid to 2-3 ppl every month) and I am not deducted any taxes under salaries or under professional fees... can these expenses which are paid b considered as expenses in my business ? |  |
The amount of 20k to the three person or Every person got 20K...?
for one person monthly 20k and for rest two on need and work basis. for next two aggregate must b 50k..
Better to Elobrate Your query again...
What is the exact Relationship for 3person and You...?
They are employees or any other...?
If any other then specify the nature of Service and the payments per month...
What is the exact Relationship for 3person and You...?
They are employees or any other...?
If any other then specify the nature of Service and the payments per month...
it's like this... 3 people working on a project, client is paying in my a/c and I keep my share and distribute decided shares to rest of people on basis of work they completed
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