I am a derivative trader and want to open a sole proprietorship firm for trading purpose. The reason is for an individual taxpayer, many of the deductions are going to go away. Therefore I want to open sole proprietorship trading account and charge all eligible expenses such as employee salary, business tour, etc under the trading P & L.
I have the following queries
- What is the procedure to open a sole proprietorship firm for derivative traders
- Can I include the trading under individual name in the tax and P&L statement of sole proprietorship firm (of mine)
- Do I need GST registration if yes, what kind of returns do a derivative trader need to file regularly
- Can u also mention a brief of expenses that cud be charged under firm’s P&L