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Rent deduction 30% in an individual case

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(Querist)
20 September 2010 Dear Sir

An individual is getting rent Rs.1 lac p.a.

He allowed to get deduction of Rs.30k & he has to pay Tax on Rs.70k

While preparing Balance Sheet,in rent income i m showing Rs.1 lac & in exps. part/drawing i m not showing any amt. for deduction.

Question -
1)Is it necessary to show Rs.30k in withdrawal ?
2)If i m not showing Rs.30k in withdrawal, is the officer has rights to demand tax on Rs.30k at the time of scruitiny?


Pls reply

Thx
Anwar
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sudhakar ca cwa

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sudhakar ca cwa (Expert)
20 September 2010 that is standard deduction.

so no question of demand
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CMA Ramesh Krishnan

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CMA Ramesh Krishnan (Expert)
20 September 2010 That is only for calcualtion of tax purpose, hence no need to show the balance sheet
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CA Devanshi Gandhi (Ajani)

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CA Devanshi Gandhi (Ajani) (Expert)
20 September 2010 income tax and accounts are two different topics....

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