Register Your Sole Proprietorship Firm Registration
- In case you are involved in trading business, you can get VAT/CST registration (TIN) and register your proprietorship with VAT department.
- In case you are involved in providing services, you can get Service tax registration (ST2) and register your proprietorship with Service Tax department starting @ Rs 1500
Inclusions in Sole Proprietorship Firm Registration Package
FINAL RC HARD COPY
DRAFT FORMAT OF INVOICES ( TAX AND RETAIL)
GUIDANCE ABOUT PERIODICAL COMPLIANCE
Time Involved in the Process
- Approx. 7-9 working days
- No separate registration required.
- Only business registrations like VAT and Service tax etc required.
- Any name can be kept
- Income tax slab benefit is available
- No separate PAN required
- No separate legal entity
- Liability of proprietor is unlimited
- Not easily transferable
- Not conducive for funding
- Useful only for very small business in unorganized sector
Documents Required for Sole Proprietorship Firm
At what rate profit from Proprietorship Firm is taxed in India? Proprietorship firms are taxable in same way as Individuals. Therefore, slab benefit will be available.
- No limit. Can be started with even Rs5,000.
- Firstly, decide the type of registration to be taken depending upon nature of business. In case of trading business, go for VAT/CST (TIN no.) registration. In case of Service, go for Service Tax registration.
- Accounting/ Book Keeping
- Preparation of balance sheet and profit and loss account
- Preparation and filing of annual Income tax return
- TAX audit in case Turnover is more than prescribed limit
- Preparation and filing of periodical VAT/Service Tax/Excise/ TDS return as applicable.
- Deposit of periodical taxes under Income tax, TDS, VAT and Service tax etc
- In case, you have NIL transaction in proprietorship firm, you need not to file Income tax return. However, normally for applying loans from banks, they require 3 years continuous filing of tax return. Therefore, although it is not mandatory to file but you may choose to file voluntarily.