I has been found capital& current account in the name of another party in accounts of a sole proprietaryship firm.
is it possible???
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Multiple capital accounts in sole proprietaryship
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Please elaborate in details
While i was checking their financial statement i found a capital & current account in the name of 2 persons.
But the firm was registered as sole proprietaryship
But the firm was registered as sole proprietaryship
No it is not possible it happen only in case of partnership firm financial.
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.
Agree with yasaswi
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