Please clarifiy whether assesse doing business in sole properitorship form is eligible to take benefit of tax saving Fixed deposit under section 80C.
saket singhania (student tainee) (33 Points)
17 March 2012Please clarifiy whether assesse doing business in sole properitorship form is eligible to take benefit of tax saving Fixed deposit under section 80C.
CA.Ganesh
(Practicing Chartered Accountant)
(308 Points)
Replied 17 March 2012
You have to file return in your individual status in ITR 4.
Show income from Business ( one of the heads of income )
You can claim deduction under sec 80C
Devendra
(Chartered Accountant)
(4775 Points)
Replied 17 March 2012
The Assessee is eligible to take the benefit u/s 80C.
saket singhania
(student tainee)
(33 Points)
Replied 18 March 2012
Is it neccessary that FD should be in name of sole proprietor firm or it can be in the name of the owner of the sole proprietoehip firm?????
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