Proprietorship Firm
Registration
Start Your Business Legally
in Just 2 Working Days
- PAN / TAN Registration
- Firm's Stamp Included
- Bank Account Assistance
- Expert CA Assistance
What's Included in This Package
Sole Proprietorship executed on non-judicial stamp paper and notarized
PAN / TAN Registration
Firm’s Stamp
Assistance in opening current account in Bank
Time Involved in the Process
Proprietorship Deed
2 Working Days
PAN Registration
10 Working Days
FAQ
At what rate profit from Partnership is taxed in India?
Proprietorship firms are taxed as per Individual’s taxation slabs
How many Persons are required for starting a Proprietorship Firm?
Only 1 person is required
What is the minimum capital with which a partnership firm can be started?
No limit
What are the Statutory Compliances that Proprietorship Firm and Proprietor has to comply?
With Income Tax Department:
- Proprietor has ro file his Income tax returns showing the correct working of proprietorship business
- Advance tax needs to be paid periodically
- Tax audit has to be got done by CA and audit report needs to be collected in case annual turnover is more than Rs 1 crore in case of trading business or Rs 25 lakh in case of professional business.
Others
- GST return to be filed online quarterly
- TDS returns of Salaries paid and vendor payments are to be filed quarterly, if applicable
- Other need based compliances
Do I need to file returns and do other compliance even if there are no operations in the Proprietorship Firm?
Every proprietor has to file his Individual ITR if his gross income, including proprietorship business is above minimum taxable limits. And for the proprietorship business one has to prepare balance sheet and profit and loss account, even if there is no transaction or there is loss.