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How sole proprietorship concerns are taxed in india
Dear Expert,
Please advise how sole proprietorship concern is taxed in India. If it has profit above rs. 20 lacs in books, does it need to make provision for income tax?
If yes, Is it covered by Alternate Minimum Tax (18.5%). please advise.
Replies (1)
Yes provision is required to be made. Advance tax is also applicable. MAT is applicable on companies only not on individuals.
Thanks
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