Income tax on income earned from Proprietorship

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!
Asked 1 year ago in Income Tax from MUMBAI, Maharashtra
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
Rohit R Sharma
CA, Mumbai
1456 Answers
5.0 on 5.0
  Talk to Rohit R Sharma
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
Abhishek Dugar
CA, Mumbai
1574 Answers
5.0 on 5.0
  Talk to Abhishek Dugar
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.

Shyam Sunder Modani
CA, Hyderabad
1363 Answers
5.0 on 5.0
  Talk to Shyam Sunder Modani

Ask a Question

Get tax advice from top-rated chartered accountants. It's quick, easy, and anonymous!
Ask a question

Other Questions

Chartered Accountants

Abhishek Dugar
CA, Mumbai
1574 Answers
5.0 on 5.0
Rohit R Sharma
CA, Mumbai
1456 Answers
5.0 on 5.0
Keerthiga Padmanabhan
CA, Greater Mumbai
321 Answers
5.0 on 5.0
B Vijaya Kumar
CA, Hyderabad
612 Answers
5.0 on 5.0
Shyam Sunder Modani
CA, Hyderabad
1363 Answers
5.0 on 5.0
Lalit Bansal
CA, New Delhi
220 Answers
5.0 on 5.0
Pradeep Bhat
CA, Bengaluru
329 Answers
5.0 on 5.0
Vishakha Agarwal
CA, Bangalore
399 Answers
5.0 on 5.0
Vidya Jain
CA, Kolkata
261 Answers
4.0 on 5.0
Shiv Kumar Agarwal
CA, Delhi
212 Answers
5.0 on 5.0