Accounts pertaining to sole proprietor
Querist : Anonymous
For a partnership firm, a P&L a/c is prepared and Tax computation is worked out by adding or deducting relevant P&L items to the Net Profit.
Wanted to know which account is to be prepared (a P&L or Receipt/Payment or any other) in case of a sole proprietor?
Which sections are applicable while computing Tax for a sole proprietor?
thanks in advance
Same sections are applicable as are applicable i.e. Income Tax Act on computing the business Income of an Individual.
Querist : Anonymous
Couldn't understand your reply. Pls be clear.
Kindly comment on the Accounts to be prepared as well.
Accounts that need to be prepared are Profit & Loss Account & Balance sheet.
And while calculating Income for Tax purpose Income Tax Act will be applicable for computation of Income & Tax thereon.
Click here to login now
Similar Resolved Queries
- About TDS & Income Tax
- Pass word to open justification report for Q1 for FY 2026-27
- Section 194JA & JB Income which ITR Form to use
- Scrutiny and reopening of past returns
- PPF interest-As Exempt Income disclosure
- Booth for sales promotion
- Type of Capital Gain
- F & O PROFIT REPORTING FOR AY 2026-27
- Average Cost Of High Quality Diamonds
- ITR 4 OR ITR 3 WHICH FORM CHOOSE
- TDS on Rent received on redevelopment of building
- Tax on Deemed Capital Gain
- Indian IT Portal issue in computing tax as per UK-India DTAA
- Capital Gains on sale of residential flat
- Upload Level ValidationITR3Category of Defect B/D
- PF Taxable Income
- Clarification on Tax Audit Applicability and Reporting of F&O Transactions in ITR-3
- Interest credited in FY2025-2026 & TDS therein by EPFO does not reflect in AIS or Form 26AS
- 44ad eligble money lending interest
- Taxation in the hands of Landowner under JDA
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
CAclubindia
