Sole proprietorship more than one ?
This query is : Resolved
11 June 2014
Mr. X is a Proprietor of a Business "A"
now he want to start another business "B" along with a can he be the proprietor in business "B" as well.
As he is already a Prop. in Business "A"
Mr. X is a Proprietor of a Business "A"
now he want to start another business "B" along with a can he be the proprietor in business "B" as well.
As he is already a Prop. in Business "A"
11 June 2014
yes. he can be proprietor of Business B as well., there is no restriction on the proprietorship cap
11 June 2014
just to add on. the income from both the businesses are to be included in a single tax return. sections like 44AA, 44AB shall apply on the basis of cumulative turnover of the assessee including all the businesses run by him under his proprietorship.
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