Rent deduction 30% in an individual case
This query is : Resolved
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
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
20 September 2010
that is standard deduction.
so no question of demand
so no question of demand
20 September 2010
That is only for calcualtion of tax purpose, hence no need to show the balance sheet
20 September 2010
income tax and accounts are two different topics....
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Is this income indian or foreign income?
- 15ca /15cb whose income tax login? remitter or nri seller's login?
- TDS U/S. 194NF
- ITC temporary reversal and reclaim
- Regarding Documentation & Compliances for Opening of Unit of Pvt Ltd.
- RCM applicability on Rent Paid by Registered Person to Unregistered Landlord for Residental Building
- GST on export of services and Input Credit
- Applicable TDS rate for sale of property in Nov 2024
- Can we claim ITC of Feb-2024 in the month of November-2024 which was not claimed by oversight
- REGARDING 25 AS DATE OF PAYMENT AND DATE OF BOOKING
- Credit profit and loss account in case of bonus share received
- How to determine cost of acquisition of shares on De-merger or Merger
- LAST YEAR 2022-23 ITC IN NEXT YEAR 2023-24 REPORITNG IN GSTR-9
- MIS MATCH OF INVOICE NUMBER
- IGST Credit-Show cause notice issued-confusion
- Issue of gst e invoice
- How to adjusted advances given or receipt
- Foreign vendor without PAN unable to to register due to non receipt of OTP on foreign number ?
- 133(6) DIN INVALID format error - ->WHERE TO REPLY 133(6) notice?
- Query for dubts
Trending Online Classes
CAclubindia
