Capital Gains Tax advise

 

Any individual who has business income is said to be operating a proprietorship firm.  Capital Gains Tax advise  Proprietorships operating  are required to file income tax return each year. Since proprietorships are considered to be one and same as the proprietor, the income tax return filing procedure for a proprietorship is similar to individual income tax return filing. All partnership firm are required file the income tax return, irrespective of amount of income or loss. Partnership firms are taxed as a separate legal entity under the Income Tax Act. Hence, the income tax rate applicable for partnership firms is similar to LLPs and Companies registered. A resident taxpayer having any asset (including financial interest in any entity) located outside  or signing authority in any account located outside  is mandatorily required to furnish a tax return.