26 November 2012
hi i am a full time day trader . i want to establish a sole proprietorship on my name as i trade on my name and for myself . i know that no license is required for this .to open a current a/c i need to have a registration certificate , license , company seal etc . so how can i go about sole proprietorship . throw some light on income tax filings as i buy and sell derivatives futures and options on the same day as well . do they come under speculative or business income .
26 November 2012
As you want the sole propritorship to be in your name, your personal IDs will be suffecient for account opening. Registeration certificate is required when Individual Ids have different name & proprietorship firm has a different name. As you are only dealing in shares & derivatives you can open a current account in individual name. Derivative trading are not considered speculative transaction if done on NSE or BSE.
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