Individual filing or comapny filling.
This query is : Resolved
08 August 2015
Hi,
My mother is a Housewife and recently she has started a car rental business with uber cabs, even tough she has obtained the ghumstha for purchasing a T-permit car but she has not opened a current account yet. Any earning she gets from uber goes into her savings account. I have 2 queries
1) Is is compulsory to create a company current account?
2) Can she file ITR as individual (ITR4) or corporate company taxes will be applicable?
My mother is a Housewife and recently she has started a car rental business with uber cabs, even tough she has obtained the ghumstha for purchasing a T-permit car but she has not opened a current account yet. Any earning she gets from uber goes into her savings account. I have 2 queries
1) Is is compulsory to create a company current account?
2) Can she file ITR as individual (ITR4) or corporate company taxes will be applicable?
Amol S Joglekar
(Expert)
08 August 2015
01. She can continue with savings account, no issues.
02 She has not opened any COMPANY. So she should file itr4 as individual.
02 She has not opened any COMPANY. So she should file itr4 as individual.
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