Accounts pertaining to sole proprietor

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

21 April 2015 Hi,
For a partnership firm, a P&L a/c is prepared and Tax computation is worked out by adding or deducting relevant P&L items to the Net Profit.

Wanted to know which account is to be prepared (a P&L or Receipt/Payment or any other) in case of a sole proprietor?

Which sections are applicable while computing Tax for a sole proprietor?

thanks in advance

CA Anjana Grover

CA Anjana Grover (Expert)
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23 April 2015 Hi,

Same sections are applicable as are applicable i.e. Income Tax Act on computing the business Income of an Individual.

Querist : Anonymous

Querist : Anonymous (Querist)

23 April 2015 Anjana ji,
Couldn't understand your reply. Pls be clear.
Kindly comment on the Accounts to be prepared as well.

CA Anjana Grover

CA Anjana Grover (Expert)
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23 April 2015
Accounts that need to be prepared are Profit & Loss Account & Balance sheet.

And while calculating Income for Tax purpose Income Tax Act will be applicable for computation of Income & Tax thereon.

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