Proprietor current account

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This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

01 July 2012 respected sir ,
I am 12th standard pass and give tutions to children of 4th and 5th standard for income .
My house is big so my friend who is a computer engg asked me to rent my drawing room which is on ground floor and has a seperate balcony entrance for his computer classes , but he doesnt want to pay fixed rent so we entered into a agreement that for mon-fri he will teach for me
and sat and sun he can teach for his classes.
I will not be paying him any fees but he will be working for me from mon-fri .
i have registered a proprietor company and pay my professional taxes . Do i need to still register the company under any other act or business etc in order to operate my proprietory current account . kindly guide thanking you in anticipation . kishan kant

CA PARAS BAFNA

CA PARAS BAFNA (Expert)

01 July 2012 You may apply for A PAN card also.
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Querist : Anonymous

Querist : Anonymous (Querist)

01 July 2012 Thank you respected paras Sir for your response . I have a PAN card and am filing returns already . Currently all students which are taught by my friend from monday to friday i take the fees while sat and sun he can charge fees for himself .
Do i need to register my self seperately under some income tax law or company law since i am not teaching the computer students from mon-fri. Or i can continue operating from my current account proprietorship as it is now .

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