Property Management Proprietor Firm

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D M (Querist)
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20 January 2023 Hi Experts
I am planning to open a Proprietary Firm for property management.

I have few questions regarding expenses I can claim
1. For the firm's expenses does it require exact paperwork/receipts/bills etc for cleaning,repair work and pest control of the properties been managed.

2. Does the Interest Income earned from Fixed Deposit should be under firms current account as currently Fixed Deposit are under owner's name.

Thanks

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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20 January 2023 1 If income is less than Rs.1.20 lakh or the total sales/gross receipts or turnover do not exceed Rs.10 lakh in the preceding 3 years no such paper work required.
2 yes.