I'm withdrawing 25000/Month a want s salary form last one year . i have to pay income tax. i have one doubt where i want to deduct my expenditure like rent payable travelling expenses telephone expenses etc...
09 November 2016
Expenses of rent payable or travelling will not deduct straight forward from salary. However it can be part of CTC and you can claim deduction u/s 10 as allowance which is eligible as per Income Tax Act, 1961.
Querist :
Anonymous
Querist :
Anonymous
(Querist)
09 November 2016
Sir Every month I'm paying Electricity bill, telephone bill, and some expenditure comes every month like provision stores bill, and vehicle loan, vehicle depreciation, interest paid and water bill etc where i show this expenditure ......
10 November 2016
interest paid for educational loan and home lone emi is deductible
Expert :
Anonymous
Expert :
Anonymous
(Expert)
10 November 2016
personal loan cannot be claimed for deduction unless the loan was taken from bank or other prescribed lender
Expert :
Anonymous
Expert :
Anonymous
(Expert)
10 November 2016
personal loan availed by customer are eligible for tax exemption only if the loan is sought for business purposes
Expert :
Anonymous
Expert :
Anonymous
(Expert)
10 November 2016
and taken from bank not from non banking finance companies
other than this specific case personal finance doesn't offer any tax rebate to customer
1. While we preparing balance sheet to Individual account for Computation of Income Tax under the Income from Profession or Business Head . should we prepare capital account compulsory or Not?