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Single proprietor running two different proprietary concern

Tax planning 1088 views 5 replies

archana pitti

accountant and auditor

111 Points Posted on 04 October 2015

Hey Everyone,

Can anyone let me know k whether a single person can run two proprietary concerns, wherein both the concerns are not related. Its like one firms goods are taxed at 5% and whereas the other firms goods are taxed at 1%... Is a single person allowed to run two different proprietary concerns and taxed seperately.

Thanks & Regards,

Archana Pitti

(archanapitti775 @ gmail,com)

Replies (5)

CA SACHIN

practice

115 Points Posted on 04 October 2015

About which taxes you are talking

U S Sharma

glidor@gmail.com

21068 Points Posted on 05 October 2015

in a single firm also you can avail two slabs, and there is no bar to run more than one proprietorship firm, but at the end both are consolidated for all tax Exemption purpose, except the profession tax, where tax is charged on identity basis.

CA Raj Doshi

Practising CA

8954 Points Posted on 05 October 2015

You can run two proprietary firms with different names. However you have to file consolidated returns.i.e income tax , sales tax.

shyam

student

22 Points Posted on 05 October 2015

can u please elanborate it or give reference to any section of the act....???

U S Sharma

glidor@gmail.com

21068 Points Posted on 06 October 2015

Originally posted by : shyam
	can u please elanborate it or give reference to any section of the act....???

you have posted the query in ïncometax forum, where the tax is grossed up per PAN basis, and an individual have a singal PAN, so it would be clubbed, for other taxes, post in relevent forum / section