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Opening a trading company

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This query is : Resolved

Arpit (Querist)

19 August 2011 Hi All,
I need help. Please answer. I want to open a trading company and would probably involve exports/imports. The confusion is what acts apply? Do I need to register my company? Do I need to register with Shops and establishment act? Service Tax? TDS Act? the definition of companies coming under the S & A Act are those with commercial activity. Thus, since mine will also have commercial activity I would have to Register?? Also with regards to TDS Registration?? would I have to or no?? Because if i have to pay somone more than rs30000/- or more than it attracts for tds deduction! Right?? so how do i go about the entire process?? please help..

U S Sharma

U S Sharma (Expert)

20 August 2011 if single owner , then trade licence/ shop and establishment( with minimum one employee), VAT, IEC, Current bank account, Profession tax enrollment,

PAN card of proprietor is sufficient,

TDS does comes in picture when your turnover exceeds 60 Lacs in previous year and you get audited under sec 44AB of incometax.

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