Can a sole proprietor take salary from his business ? And if yes can he claim standard deduction under the salaries head while filing tax ?
3 Replies
Chandrakant Bendre
(student)
(312 Points)
Replied 10 July 2019
No. Owner of proprietorship firm cannot withdraw salary.
Krishna Chaudhary
(Accountant)
(4531 Points)
Replied 10 July 2019
No, he can't. But you can book further salary in hands of anyone else to minimize your profit.
Harshit Baheti
(344 Points)
Replied 11 July 2019
This is like withdrawing money from right pocket and depositing in the left pocket
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