Requirements to become sole properitor
This query is : Resolved
27 September 2011
I am looking to begin a business as Sole Proprietor.Here are my questions,
1) Can i Open a current account in any bank as Solve proprietor?Is there any document that I must submit to them?
2) Should I register with the companies board?
3) Can i claim my expenses for official purposes spent on the business as sole proprietor, in the IT return?
1) Can i Open a current account in any bank as Solve proprietor?Is there any document that I must submit to them?
2) Should I register with the companies board?
3) Can i claim my expenses for official purposes spent on the business as sole proprietor, in the IT return?
Dintakurthi Tirumala
(Expert)
27 September 2011
1) yes, Contact concern bank because they may be different for bank to bank.
2) It depend on the state government rules.
3) Yes, You can claim but you have to prove it met for the business purpose.
OM SAI SRI SAI JAI JAI SAI
2) It depend on the state government rules.
3) Yes, You can claim but you have to prove it met for the business purpose.
OM SAI SRI SAI JAI JAI SAI
09 October 2011
Yes you can open a Current account in the name of the firm for which you have to submit your PAN Card, Municipal Licence, address proof.
Since for proprietorship concern no registration is required except procurement of Trade licence you need not register with Companies Board
All expenses relating to your business can be claimed in your income tax return as a proprietor
Since for proprietorship concern no registration is required except procurement of Trade licence you need not register with Companies Board
All expenses relating to your business can be claimed in your income tax return as a proprietor
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