proprietor farm se kitni salary le sakta hai
minimum or maximum limit kya hai
Saving ac to Current account limit and
Current ac to Saving ac transfer limit
thanks in advance
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Proprietor salary
Replies (15)
Proprietor cannot take salary from his own firm.
No limit for transfer between accounts, but need to be ready for query in case of transactions are frequent.
Payment to proprietor has to be adjusted in proprietor capital a/c under " Drawings"
Proprietor khud ko salary nahi bata sakta . However his personal expenses shown as drawing under Capital Account.
Salary to proprietor is not allowed as expense under income tax and GAAPS
Ok thank you sir @ Dhirajlal @ Eswar reddy @ Ca Rashmi @ Ca Rashmi Gandhi
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In The Eye Of Law Proprietorship is not a separate legal entity and taxability will be based on Individual's slab ,but for accounting purposes ,any drawings made is reduction of invested capital ..Even if you are debiting in Name of Salary it will not be separately allowed as deduction .
If it is shown as Salary in accounts then it has to be disallowed in IT Computation
@ Eswar ..correct !
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Welcome Dear 🤗
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May be ID change but the habits not change 🤣🤣
Few people in practice disclose the personal assets also in the business ITR
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