Sole Proprietorship Registration
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For a sole proprietorship firm, certain compliances must be adhered to, such as:
Income Tax Return Filing: The business proprietor must file a personal income tax return using either form ITR-3 or ITR-4.
Business Income: Only forms ITR-3 and ITR-4 allow for the declaration of business income. Therefore, all sole proprietorships must submit either ITR-3 or ITR-4 to comply with income tax requirements.
GST Return Filing: If a proprietorship is registered for GST, it must file GST returns every month or every three months depending on its registration plan.
TDS Returns: If the proprietorship has employees or spends more than a specific amount on goods and services, it must withhold tax at source and file TDS returns quarterly.
Additionally, depending on the industry and region, the proprietorship may need to comply with other regulations to stay in compliance.
Documents Required for Sole Proprietorship Registration
To start a Sole Proprietorship, the following documents are required
- Address and identity proof
- PAN card, KYC documents and
- Rental agreement or sale deed (in case of Shops & Establishment Act Registration).
To open a current account, the following documents are required;
- Proof of the existence of your business
- Shops & Establishments Act Registration
- PAN card
- Address and Identity proof
Checklist Items that you would require
If you’re registering your business as a sole proprietorship, there are several checklist items that you need to keep in mind, including:
Certificate/License: You need a certificate or license issued by the municipal authorities under the Shop & Establishment Act.
Registration/Licensing Document: You need a registration or licensing document issued in the name of the proprietary concern by the Central Government or the State Government Authority/ Department, etc.
Certificate of Practice: If applicable, you need the license issued by Registering authorities like the Certificate of Practice issued by the Institute of Chartered Accountants of India.
IEC Code: The banks may accept the IEC code (Importer Exporter Code) issued to the proprietary concern by the office of the DGFT as an identity document for opening of the bank account etc.
Income Tax Return: You need to file a complete income tax return online (not just the acknowledgement) in the name of the sole proprietor where the firm’s income is reflected, duly authenticated and acknowledged by the Income Tax Authorities.
Utility Bills: You need to provide utility bills such as electricity, water, and the landline telephone bills in the name of the proprietary concern.
GST Registration: You need to obtain GST registration/certificate if applicable.
By following this checklist, you can ensure that your sole proprietorship registration process goes smoothly and that you are in compliance with all the necessary regulations.
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Frequently Asked Questions
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Any Indian citizen with a current account in the name of his/her business can start a sole proprietorship. Registration may or may not be required, depending on the type of business that is planned to be established. However, to open a current account, banks typically require a Shops & Establishments Registration.
This depends on the business you're in. It is compulsory for any business whose turnover in a financial year exceeds ₹20 lakhs (₹10 lakhs in the case of North Eastern states) to get a GST registration. For businesses that are involved in selling goods or services to customers out of a commercial establishment, it is mandatory to register under Shops and Establishments Act.
Yes, it is much cheaper to run an LLP than a private limited company. Mostly because compliances, such as an audit, apply to LLPs only after their turnover is sizable. Most LLPs spend about half as much as private limited companies, in their first year on registrations and compliance work.
The procedure involved is a little tedious, but it is possible. It is very common for sole proprietors to convert into partnerships or private limited companies at a later stage of their businesses.
A Sole Proprietorship business does not take more than 15 days to set up and start functioning. This simplicity makes it popular among small traders and merchants. It's also much cheaper, of course. This is the other reason why it's the most widely used business structure.
Most local businesses are run as sole proprietorships, from grocery stores to fast-food vendors, and even small traders and manufacturers. That is not to say that larger businesses cannot operate as sole proprietorships, they can! Jewellery shops are sole proprietors, but it is not recommended.
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