I have a proprietorship which earns income from a taxi business. I want to know two things - 1) Mandated frequency of filing of returns - once a year or every quarter 2) What are the deductions on expenses that I can take and what is the procedure for those. My expenses include driver's salary, diesel, car maintenance and overheads. Thanks much!
Hello Sir,
1. You have to file Income Tax returns every year the due date of which is 31st July.
2. You can very well claim expenses like salary, fuel, maintenance, depreciation etc at the time of filing your returns. If is preferred if you maintain and keep the expense bills and vouchers.
Trust this clarifies your query
Feel free to get back/ call back for any further clarifications.
Thanking You
Regards
ROHIT R SHARMA
BCOM, ACA, LLB - GEN, CERT. FAFP
Dear Sir,
Frequency of service tax return is twice in a year I.e. 25 April and 25 October.
Frequency for income tax return is once in a year I.e. 31 July 2015 for non audit Assessee.
You can claim all these expense and any other expenses incurred for the purpose of business including 15% depreciation on cars.
Please feel free to call/ revert in case of any doubts.
Thanks and Regards
Abhishek Dugar
CA, CS, B.Com
Returns will be filed once in a year.
There are two methods. You can declare profit @ 8% if your turnover is less than 1 crore. Then no need of showing expenses.
