Reporting for Sole Proprietor having two Businesses
This query is : Resolved
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?????
Which Profit & Loss n Balance Sheet will form part of his return?????
Aditya Maheshwari
(Expert)
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 will have to consolidate all the profit & loss statements and then write the figures in the ITR.
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