Question

Q. what is the role of sole traders ship in India ? ( must be in 200 words )



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Answer 1

Explanation:

If you're a sole trader, you run your own business as an individual and are self-employed. You can keep all your business's profits after you've paid tax on them. You're personally responsible for any losses your business makes.

India, a sole proprietorship business is not taxed as a different legal entity. ... Like any other individual assessee, such a business also entitles to receive an income tax deduction. The same will get deducted as per prevailing IT rules and depending upon the slab rates applicable to his taxable incomeThere is enough scope for sole trader ship in India, because most of the people are largely dependent on agriculture. A large number of small scale business and largely dependent on agriculture on agriculture. A large number of small scale business and industrial units are in existence even in villages.