Tax Process for Sole Proprietorship Businesses in India

Filing Bazaar is the best form of business done in India because any specific law governs it. It is the market leader in business registration services in India, offering a variety of company registration as the registration of private limited liability company, a record company person, Producer Company Registration and registration of the Indian subsidiary.

What is a Sole Proprietorship?

A sole proprietorship is a business form individually owned by a person. It is also known as a single operator or just an individual. This kind of business entity in which he is the only one owner who starts a business with a goal of profit, regarding the sole owner of responsibility has unlimited liability which means that it has to pay the debts and losses of the company.

There is no minimum investment requirement capital, and the owner has full control and participation of the property.

Features of Sole Proprietorship

• Single owner
• Limited capital
• Unlimited liability
• The only bearer of profit and loss

In this article, we examine the process of forming a sole proprietorship in India.

Sole Proprietorship License

As explained above, the existence of a sole proprietorship is established by licenses or registrations or certificates on behalf of the property owner. Based on the type of business, the following are some of the easy Proprietorship Firm Registration for establishing a sole proprietorship in India.

Requirements of the sole proprietorship

Pan card- Owner of Permanent Account Number is required. Therefore, the first step towards a single owner to acquire a PAN card of government authority is the documents listed below:

Aadhar Card: Aadhar number is now a necessity to apply for registration in India. Statement of income tax cannot be filed if the person has linked his PAN card with the Aadhar number. Contact the nearest E-Seva Mitra or Aadhar Kendra if you do not have an Aadhar number. After asking the Aadhar card, a hard copy of the same received at the registered address in 15-20 days.

Registered office proof:

1. If it is a rented property: the lease and the NOC of an owner.
2. If it is a self-ownership: utility bill or other proof of address.

GST Registration:

• PAN card, photo and owner of Aadhar card
• Proof of place of business (electricity bill/lease)
• Copy of the Bank's statement (first page to verify the bank account number, address and code IFSC)

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