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proof of a proprietary firm ?

service

What proof should be asked from a person if he is claiming that he is having a proprietory firm?

OR

How to determine that a proprietory firm is existing?

thanking you.

 
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Lawyer

Dear Sir, you can get a documentry proof of  proprietory firm like any certificate issued by Commercial Tax Department, Custom & Excise Department, PAN Card, Certifiacte issued by Labour Department, Balance Sheet etc...


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CMD of SHAYVIDZ Group

shop establishment certificate is also an evidence.


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service

thank you sirs.

Got it.

thanks again.

 
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Tax Consultant

Copy of bank statement is also a proof..


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Director

PAN card can not be a proof for propreitory business as it is issued in the name of individual.

 

Bank Statement, certificate issued by Commercial Tax Department and audited balance sheet are better evidences.

 
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service

PAN cards are also issued in the name of companies. And i think there is no wrong if PAN card can also be treated as a proof of a proprietary firm.

 
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Director

Dear Mr Anand Company is a distinct entity as "person" for the purposes of Income Tax Act whereas the proporeitory concern is not distinct from its propreitor which may be individual, HUF, Company. No seperate PAN card is issued for propreitory concern as IT Act does not recognise it as a seperate person. So from PAN card you can never find out status or existance of a propreitory concern.

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service

Thank you Mr Vineet for clarifying this point.

 
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Advocate

The trading licence issued  by the local authority  for doing business will show the existence of a  business firm.


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