Comments
I am a salaried person. I fail to understand why practically no expenses are allowed while computing the salary income while sky is the limit for a businessman when it comes to expenses.
K.S. Vaikuntam, Srivilliputtur
This is a vintage grouse harboured by the salaried class from times immemorial, the one that remains substantially unaddressed in India. It is common knowledge that while a gross salary of Rs 10 lakh translates into a taxable income of may be Rs 8 lakh or so thanks to tax-free allowances which are few and tax-free perquisites which are increasingly attracting the ire of the taxman, a gross receipt or turnover of the same amount of Rs 10 lakh might leaving nothing to be taxed thanks to the regime of business expenses. This grouse was taken care of to some extent when a small standard deduction was allowed to take care of the job-related expenses of the salaried class, but for curious reasons it was jettisoned. There is elbow room for a professional rendering services vis-a-vis a professional in employment, the latter pays tax through his nose even while the former thumbs his nose.
ASK: Send in your queries to
Comments
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.