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Transcript

Proprietor Pays Tax on Profit (Sales-Expenses) Sales 2000000 Purchase 1300000 Telephone 30000 20000 Electricity 50000 Total Exp 1400000 Profit 600000 Proper Accounting Required of these Income and Expenses (Not Possible for Small Business) Tax is Calculated on this Profit as per Slab Rate For these small Business Govt has launched Section 44AD/44ADA/44AE Schmes

About the Author

CA Maninder Singh's photo - Expert in Practical Accounts, Taxation and Efiling
CA Maninder Singh
CA Maninder Singh is a Chartered Accountant for the past 10 years. He also provides Accounts Tax GST Training in Delhi and Pune.