Legal Requirements for Sole Properietership Start Up

Others 1603 views 3 replies

CA Deepak Joshi

TaxTalk

178 Points Posted on 03 May 2011

Dear All,

Pardon me for asking the same old question which has been asked so many times at this forum. but actually i'm confused by the answers written by the people.

The asnswers are written from a perspective of a manufacturer/trader sole properietor. I wish to start up a consultancy biz. Due to small size of operation i'm interested in Sole Properietorshi[p form of business.

My Questions are:

1) Since its just a start up, do i need to get ST registration? Also till my receipts are less thn 10 lacs i don't need registration...right?

2) I have no employees under me. Rather i'll be working solely. Do i need to get registration for Professioanl Tax?

3) I'll be operating from my home. I don't think i'll be liable to register it as a place of businss anywhere.??

4) Which ITR shall i file...individual having income from PGBP? or firm having income from PGBP??

Thanks in advance

Replies (3)

CA Deepak Joshi

TaxTalk

178 Points Posted on 03 May 2011

Hey...its been 11 views but still no amswer...strange!!! pls help....

Harpreet

* * * * * *

1670 Points Posted on 03 May 2011

You do not need to get register with any of the department as you just started your business and for income tax return filling then you have to file ITR-4 as the same is for Income from Business.

U S Sharma

glidor@gmail.com

21068 Points Posted on 04 May 2011

1) no service tax registration unless ur turnover reach 9 lacs

2) no professional tax "registration" unless u employe, but u have to have "enrollment" under profession tax.

3) you have to obtain a "certificate of establishment ( trade licence) from local municipal body, in the address of principal place of business, and nature of business mentioned in it.

4) you need to file ITR4 having individual income, proprietorship firm's business would get added to your personal income.

5) you need to get a current a/c in name and style of firm name( proprietory)