I has been found capital& current account in the name of another party in accounts of a sole proprietaryship firm.
is it possible???
On the whole, this is wrong as a sole proprietor taxation starts at 3,00,000 and partnership taxation starts at 2,50,000. If they fall under turnover of 5-10 lakhs slab, nothing to worry about. But no one knows the real rules if anyone can have two bank accounts with different names.
YOGESH KAPOOR AND ASSOCIATES
New Delhi
B.Com
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SSGS and Associates
Chennai
CA Inter
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