Reporting for Sole Proprietor having two Businesses

This query is : Resolved

Neha (Querist)
Follow

30 June 2010 Hi there....can anyone help me with the taxation of sole proprietor having two business concerns and also tax audit applicable to each of them. The sole proprietor is also having some income in his individual name? So can anyone tell me how to report his income in Income Tax Return-4.

Which Profit & Loss n Balance Sheet will form part of his return?????

Aditya Maheshwari

Aditya Maheshwari (Expert)
Follow

30 June 2010 For applicability of tax audit turnover of both the firms will have to be taken into account and also any business income in individual name. If the total exceeds the tax audit limit then tax audit of both the firms required.

You will have to consolidate all the profit & loss statements and then write the figures in the ITR.

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now

Summarize this with AI

ChatGPT Perplexity Claude Google AI Grok

Similar Resolved Queries

Unanswered Queries

Popular
Recent

Trending Online Classes

Direct Tax Laws & International Taxation May 26,Sept 26 & Jan 27

CA Arvind Tuli

Enroll Now
Audit Fast Track Recorded Batch For May 26,Sept 26 & Jan 27

CA Aarti Lahoti

Enroll Now
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English

CA Bhanwar Borana & CA Shubham Keswani

Enroll Now

view all classess

Meet our CAclubindia PRO Members

ATUL MAKWANA

seshachary

Rameshkumar Jain

suresh kotte

Mitesh

Subscribe Now

Reporting for Sole Proprietor having two Businesses

Similar Resolved Queries

Trending Online Classes

Meet our CAclubindia PRO Members

Quick Links

Browse by Category

Latest Job Openings

GST CONSULTANT

Manager- Finance and Compliance

GST CONSULTANCY

Accountant

CA Final

Article Assistant