employment salary and business income

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rajniminhas
Member since: Sep 04

Posts: 80
Location: Mississauga
Post ID: #PID

Posted on: 21-10-04 13:00:19

Hello,
I have a regular job paying me salary as well as business income( trading).
How the tax is deducted... Can I claim business loss with salary income to show net income and corresponding reduction in net Tax payable?

Smiley
Member since: Mar 03

Posts: 1185
Location: USA
Post ID: #PID

Posted on: 21-10-04 13:30:28

Yes

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We will find a way or we will make one

chandresh
Member since: Mar 03

Posts: 2606
Location: Toronto
Post ID: #PID

Posted on: 21-10-04 20:19:53

Pardon me guys, I am not able to understand the question and consequently the answer too. For enlightening me professionally, can you Smiley explain this in details what is being asked and how it can be done?

Chandresh

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Chandresh

Advice is free – lessons I charge for!!

rajniminhas
Member since: Sep 04

Posts: 80
Location: Mississauga
Post ID: #PID

Posted on: 27-10-04 10:17:37

I have salaried income 30000
I have a trading business--- loss--- 4000
Can I show my net income as 26000 and the net tax is charged on that OR these two can not be combined .

Smiley
Member since: Mar 03

Posts: 1185
Location: USA
Post ID: #PID

Posted on: 27-10-04 14:39:35

Yes ! You can deduct your business loss (sole propreitership/Partneship) on your Gross income to reduce your Taxable income .

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We will find a way or we will make one

chandresh
Member since: Mar 03

Posts: 2606
Location: Toronto
Post ID: #PID

Posted on: 27-10-04 15:00:22

Quote:
Orginally posted by rajniminhas

I have salaried income 30000
I have a trading business--- loss--- 4000
Can I show my net income as 26000 and the net tax is charged on that OR these two can not be combined .

Am I correct in assuming that the business is incorporated?

Chandresh

-----------------------------------------------------------------
Chandresh

Advice is free – lessons I charge for!!

Smiley
Member since: Mar 03

Posts: 1185
Location: USA
Post ID: #PID

Posted on: 27-10-04 15:25:58

If the business is inc. then it becomes a seperate entity and you cannot add/subtract income to your personal tax return . It has to be sole propreitorship/partnership .

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We will find a way or we will make one

Contributors: Smiley(4) chandresh(3) rajniminhas(3) dp_jain(1)

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employment salary and business income

Discussions similar to: employment salary and business income