Dear Experts,
I hv below queries, pls help to resolve them.
1. income earned from business in case of individual has to pay taxes based on income tax slab under individual category right ?
2. payments made to another individual related to business can b booked as expenses ? every month amount is paid more than 20k and no tds was deducted.
3. which itr to use to file ?
4. does this has to b filed having balance sheet and profit and loss a/c itr even in case of individual?
1. Yes..... u/h. PGBP
2. For 'fixed amount as salary' or as per cotractual payment or professional fees ... TDS to be deducted for salaries if exceeds 2.50 L PA.... for others.. may not be liable in your case.
3. ITR4 with no books of accounts for eligible business. Otherwise ITR3
CAclubindia
