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Propritor ship firm income tax rules and acr

Narendra Agrawal (M.Com) (46 Points)

10 May 2014

Please help for tax planing of propritor ship firm

1 Income Tax Rules

2 Income Tax Act

3. Which Deduction Allowed

4 Tax Save Planing

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3 Replies

Niral Gangar (Management Consulting Investment Advisory CA Practice) (100 Points)
Replied 10 May 2014

As per IT rules there is no difference between a proprietor and a proprietorship firm. As a proprietorship is a business you can claim all expenses for the income earned including Travelling, Telephone, car & all others which are done for furtherance of business.

All deduction u/s 80C, 80D are allowed. For eg. LIC, ELSS etc.

For tax saving you will need to meet a CA depending on your case, he will advise

CA Raj Doshi (Practising CA) (8723 Points)
Replied 10 May 2014

The above reply is perfect. You need a CA to plan your tax and maintain proper books of accounts.

Email : rajcdoshi @ gmail.com

Regards

RAJ CHETAN DOSHI

CA Saurabh Khatri (Business) (73 Points)
Replied 12 May 2014

There is a solution to go to CA or other experienced person for your specified organisation structure and they will manage your investments and savings. We also provide consultancy and technical services, and will maintain your proper records of accounts.

Contact: saurabhkhatri786 @ gmail.com

Regards

Saurabh Khatri