Sole proprietorship is a business enterprise owned and controlled by one person who has the entire authority and responsibility of such business. The owner is alone entitled to the entire profit of an enterprise also he is personally liable also.The personal income rates will be applicable on sole proprietor and not the corporate tax rates. That means that he is not taxed as a separate legal entity like a company but as a sole proprietor who has to file their profit from a business on their personal tax returns. They are taxed as an individual and their net taxable income includes their business income after deducting related business expenses, deductions under income tax act and other income if any.
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