Menu
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
Recent Topics :
- FAI & FAST-DS 2026 query
- Is GST registration mandatory in this case
- Buying a residential flat in Goa: should my wife b
- Income tax filling
- Applicability of RCM in the case of import of serv
- Confusion in gst registration for service category
- Itc claimed from return defaulters
- Gst input credit
- CAN PARTNERSHIP FIRM SIGN SERVICE AGGREMENT WITH A
- E-waybill
Related Topics :
CAclubindia
