Proprietorship firm

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

04 March 2012 I already have a proprietorship firm registered in my name, under my PAN card,
I want to form a new firm for income tax purpose .

Kindly suggest the solutions .

CA. Nitin Agrawal

CA. Nitin Agrawal (Expert)
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04 March 2012 Single person may have more then one prop. firm but single PAN will be used for that.

If more than one PAN taken then it will attract penal provision.

Message likes : 1 times

Querist : Anonymous

Querist : Anonymous (Querist)

05 March 2012 dear sir ,
one more question if i register a second firm, returns can be filed as two seperate entity.

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Guest

Guest (Expert)

05 March 2012 The return of proprietorship firm will be filed in name of its proprietor as proprietorship is not a person as per income tax provisions.

CA. Nitin Agrawal

CA. Nitin Agrawal (Expert)
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05 March 2012 Return under IT Act is filled assessee wise and not business wise. Hope that matter is resolved now.

Now Cheers

Regards

Anil Kumar

Anil Kumar (Expert)
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06 March 2012 Yes Return of Income should be filed Assessee wise. Its possible to have mutiple businesses as well as multiples sources of income but return should be on Assessee wise. Also one assessee cannot have multiple PANs.