Shivananda (Proprietor) 12 March 2010
Please tell us the applicable taxes ( Sales tas / Income taxe, etc) for Proprietorship firm. We are in medical business where we sell the medical goods to hospitals. We are paying the Sales tax every month. I wolud like to know on how to go on with Income tax filing procedure.
Vineet (Director) 12 March 2010
The propreitory business is not independant of the Individual (Propreitor). Hence the income from this business is nothing but income of the owner.
So the entire income from business is to be included in the income of owner and Income Tax Return to be filed by the indivual only. No separate Income Tax Return shall be filed in respect of propreitorship business.
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