No need to register, but should i pay seperate tax for business income?
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sir i want to know no need to register but should i pay seperate tax for business since it is giving me the income, and also the computer purchase and internet bill ..car/bike loan in our individual name can be deducted ..
No need to register, but should i pay seperate tax for business income?What do you mean by - 'no need to register' - do you mean you don't have a registered business or a company?
And that you are earning money by doing some business as an individual?
If yes, its not any different from how a doctor, or a architect, or a life insurance agent or a small shop keeper functions. All of them pay taxes in individual capacity.
No need to register, but should i pay seperate tax for business income?Kindly Ask your question clearly.
Here's my answer from what i understood.
This what i understood:
You have a Proprietary business. You are also deriving income from other sources.
You Questions:
(1). You want to know whether you need to pay tax seperately.
As a proprietor, the income from the business will be included in your own income tax return. The tax paid by you will be total of tax on business income and other income.
(2). Whether deductions in respect of internet bill, car loan in your name etc. are allowed.
Yes, they will be allowed, subject to certain conditions, varying from head to head of expenses.
For any further query, email me through my profile page.
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