A sole proprietorship in India is the simplest form of business entity, owned and managed by a single individual. It is not governed by any specific law, making it easy to set up and operate. The owner has complete control over all decisions and management of the business. Essential documents for registration include an Aadhar card, PAN card, bank account, and proof of the registered office.
For compliance, sole proprietors must adhere to various regulations, such as obtaining necessary licenses and permits, registering for Goods and Services Tax (GST) if the annual turnover exceeds the threshold, and maintaining proper accounting records. They also need to file income tax returns, as the income from the business is taxed as the individual's income.
Tax liability for sole proprietorships in India falls under the individual income tax regime. The income generated by the business is added to the owner's total income and taxed according to the applicable income tax slabs. Sole proprietors are also subject to GST for goods and services sold, requiring regular filing of GST returns.
For a comprehensive understanding, you can refer to the Wikipedia articles on Indian company law and Goods and Services Tax (India).
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6 сен 2024
