Rahul (.) (303 Points)
11 July 2016Hi Friends,
One of my friends runs a sole propreitorship firm? How is the income tax to be files ? In his name or in firms name? What is the last date of filing return?
If it is in his name do we need to submit any details of books of accounts while filing return of income?
Do the sole propreitorship needs a PAN?
Please help
Dinesh Mertiya
(PROFESSIONAL)
(761 Points)
Replied 11 July 2016
Dear Rahul
As mentioned, Your friend is sole proprietor ...means individual not partnership firm.....ok
Income tax return will be filed with PAN of proprietor .
Dinesh Mertiya
(PROFESSIONAL)
(761 Points)
Replied 11 July 2016
If your turnover(Sales) is not more than 1 crore and profit from business is more than 8% of gross receipt or turnover for the year
Your can file your return in ITR-4S or ITR -4, subject to other information
Priya R
(17 Points)
Replied 15 July 2016
Priya R
(17 Points)
Replied 15 July 2016
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