Please correct me, if I am wrong,
1) You can start business any day in a sole prop. You just need a bank account in name of your proprietory
2) You do not need any separate PAN No. Your personal PAN will suffice.
3) Return will be like Individual return but date for filing will be 30th Sep and not 31st July.
4) Balance sheet/financials are required, however, no filing with any authority.
5) Tax audit required for enterprises as per section 44AB, and again, no filing with any authority.
6) Regn reqd with authorities like VAT/ CST/ Service tax.
Also, Pls advice, how do u select name, I mean there may be so many sole proprietorships in India, and what if you select a name, and later you find it is similar to existing name, since you are not registering anywhere??
CAclubindia
