what is Tax on proprietary firm?

A proprietary firm is typically a sole proprietorship, meaning it is owned and operated by a single individual. The income generated by the firm is taxed as personal income for the owner, subject to the applicable income tax rates in their jurisdiction. This means the owner reports the business's profits on their personal tax return, and taxes are levied on the total income, including both business and personal earnings. Additionally, the owner may be responsible for self-employment taxes, depending on local regulations.