Tax on equity trading firm?

Hi:

Can some one clarify me if I can have a firm which will solely dead in trading of stocks and derivatives (Proprietary trading) (so main business of the firm will be trading).
What kind of expenditure can i put on that firm (Rent of office,car depreciation, some of my personal expenses??)
And what will be the tax structure of that firm?

Thanks,
Prasant

All expenses related to the trading business is allowed as your business expenses. You cannot claim your personal expenses. You cannot take any salary from your own business. The tax structure will be nothing but Individual status. The income from proprietary business will be income from business or profession for the individual. Tax slab will be same like individuals (Men/HUF 1.1 lakhs, Female 1.45 Lakhs & Seniour Citizens Rs.1.95 lakhs). In this case the assessemnt has to be filed by you and not your propritary conern cannot file income tax returns.

If you want to save tax, then open the propritary business in the name of your father or mother who are seniour citizens >65 years. You give loan to them. You can draw salary. This will be a good plan. Consult your tax consultant and plan it.

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