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Transcript

Can a Proprietorship Pay Proprietor Salary? Turnover 7000000 Less purchases 6000000 gross profit 100000000 less salary of staff 600000 Turnover (Direct 8% of Turnover is profit) No Expenses Considered) if no auidt cash turnover 7000000 Profit 8 560000PGBP Income If Audit Done (Audit Fees 30000) Turnover 7000000 Less Purchases 6000000 Gross profit 1000000 Less Salary of Staff Less Audit Fees Actual Exp+Audit Fees taken as Expense, however Salary to Proprietor not considered as Proprietor & Proprietorship Same Person

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.