Bibhuti Bhusan Das (Financial Analyst) (144 Points)
07 October 2011Dear Experts,
A person have taken a PAN in his proprietorship concern name(i.e. Rameshwar Agencies) instead of his own name & started work. So, his profit from the above organisation will be taxable under individual slab or farm rate ? We have to keep in mind that, the organisation is a proproetorship concern.
Regards
Bibhuti
CA Goutam Sharma
(Chartered Accountant in Practice)
(468 Points)
Replied 07 October 2011
Tax Slab of Individual will be applicable
CA RICHA BADALIA
(CA,CS)
(1682 Points)
Replied 07 October 2011
As this is a prop. concern it will be taxed under the individual tax slab.There is no such firm rate as u mentioned .The income of the prop . concern will be the income of the proprietor.
Rahul Suneja
(CA-Final, CS-Exec)
(215 Points)
Replied 07 October 2011
Individual slab will be applicable since the income of propreitor is his income only
vkbothra
(Learning )
(690 Points)
Replied 07 October 2011
if the 4th letter of PAN is "P" than individual slab will be applicable.
:)
Bibhuti Bhusan Das
(Financial Analyst)
(144 Points)
Replied 07 October 2011
Dear All,
Thank u for your valuable suggestion, but one morething i am trying to discuss, there are three type of PAN like individual, firm & company.
For Individual return income slab rate will be applicable.
For firm tax will be charged 30% of the income.
For company tax will be charged 30% of the income.
to recognise the PAN whether that is individual/Firm/Company following procedure may be taken
Example PAN : > APWPD7170S
If coloured alphabet will come P then, this is a individual PAN
If coloured alphabet will come F then, this is a FIRM
If coloured alphabet will come C then, this is a Pvt. or Ltd company
and tax rate will be accordingly charged
Need your comment after considering my above logic.
Regards
Bibhuti
vkbothra
(Learning )
(690 Points)
Replied 07 October 2011
There are 2 more types of PAN no.
if the 4th Letter is H, its known as HUF (Tax rate/slab of Individual Assessee)
and if the 4th Letter is J, it will be AOP, BOI or FIRM.. (tax rate ..i think 30%)
:)
Kirti Bhauka
(CA Final - Student)
(109 Points)
Replied 07 October 2011
vkbothra
(Learning )
(690 Points)
Replied 07 October 2011
ohk..
thank you for the update and correction @ Kirti..
:)
CA PRAVEEN SINGH
(MANAGER ACCOUNTS)
(2277 Points)
Replied 08 October 2011
yes,individual
agree with all
amit jain
(Chartered Accountant)
(532 Points)
Replied 08 October 2011
if the fourth letter in the PAN is P then it will be charged under individual slabs
CAclubindia
