Proprietary firm issues

Respected Members,

I would be thankful for answering my following queries:

 

a)  Can Proprietary Firm be started from own house (is Shop Act necessary?) ;

b)  I couldn't understand how proprietary firm is Taxed?

 

Waiting for your valuable replies. Thanks!

 

Swapnil Patil, Nagpur.

Replies (4)
Yes prop firm can be started from house nd no need of shop..
Income of prop firm wil be added in inc. of individual..
Originally posted by : amit
Yes prop firm can be started from house nd no need of shop..

Thanks for reply. Please let me know :-

A) While filling ITR-4 my business & residence address will match. Will it be allowed? 

B) Will I be allowed to open Current account on Residential Address? 

Thanks in Advance.

one of my friends started a computer training institue which is providing training in the areas of CADD and ENGINEERING PROJECTS and wants to register his training institue and he wants to issue certificates for the trained ones. Please help me out how to register this training institution and under which acts he need to be registered? and what are th e documents needs to be filed?

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