Tax matter for experts

For service tax if you render service in your individual name you have to register in individual name. If you render in proprietorship then obtain regn. in proprietorship. However, for your exemption it is a combined receipts of both.

You can open current account in individual name and do the business. You will have to make your P&L account for business and also Balance sheet for business. This balance sheet for business should have at least your Current Account, Cash for Business and business assets (stock in trade, debtors backed by capital alongwith loans and debtors. The capitalin business should be reflected in your individual balance sheet on the asset side alongwith other personal assets backed by capital and liabilities.

Please obtain permission from ICAI if you intend to hold COP and do this business. If you seek employment you can do this only if your employers do not specifically bar you from doingthis activity.