I am a B.Tech graduate currently working as Business Development Manager .but as per my interest in setting up my own venture, i want to set a company, sole proprietorship.I have few querries:
1) Do i need to have registration before starting OR i can start operating before registration and register later.
2) As i am getting salary also, then how the taxes will be applicable for both my salary and income from business, and would i be required to file taxes once a year or at some other interval, also would i be required to keep Financial statements for the company.
3) Can a sole proprietorship company be converted to Pvt Ltd, and if yes then will the process be lengthy&costly, or will it be same as i would have beared while registring it as Pvt. ltd at the start, and can we keep the name of company same after conversion
4) i would certainly will entering in manufacturing business also, please advice can i start manufacturing business also under proprietorship, or would i need registration as pvt. ltd.
From India, New Delhi
1) Do i need to have registration before starting OR i can start operating before registration and register later.
2) As i am getting salary also, then how the taxes will be applicable for both my salary and income from business, and would i be required to file taxes once a year or at some other interval, also would i be required to keep Financial statements for the company.
3) Can a sole proprietorship company be converted to Pvt Ltd, and if yes then will the process be lengthy&costly, or will it be same as i would have beared while registring it as Pvt. ltd at the start, and can we keep the name of company same after conversion
4) i would certainly will entering in manufacturing business also, please advice can i start manufacturing business also under proprietorship, or would i need registration as pvt. ltd.
From India, New Delhi
477
Dear Mr. Ambuj,
In my opinion, you should start your venture in an organised form as a private limited company.
If you wish to go for manufacturing also, it would be easier to get registrations in the name of the company and you would not need to change your form of business after the scale of operation increases.
The return of income needs to be filed once in a year but the deposition of taxes would depend upon your income. In addition to Income tax, the bsuiness would also attract other taxes like excise, service tax etc depending upon the nature of business.
We are a corporate advisory firm and can help you to establish the Company and get the desired registrations if you wish to avail professional services.
Please feel free to contact us:
From India, New Delhi
In my opinion, you should start your venture in an organised form as a private limited company.
If you wish to go for manufacturing also, it would be easier to get registrations in the name of the company and you would not need to change your form of business after the scale of operation increases.
The return of income needs to be filed once in a year but the deposition of taxes would depend upon your income. In addition to Income tax, the bsuiness would also attract other taxes like excise, service tax etc depending upon the nature of business.
We are a corporate advisory firm and can help you to establish the Company and get the desired registrations if you wish to avail professional services.
Please feel free to contact us:
From India, New Delhi
thanks a lot Avika
i need sm more clarification
as of now i m getting salary, if i wish to start my business in parallel to my job.. is it possible ?
if yes how shall i be filing the income tax ;will it be once a year or at some regular interval, also would i be required to keep Financial statements for the company.
From India, New Delhi
i need sm more clarification
as of now i m getting salary, if i wish to start my business in parallel to my job.. is it possible ?
if yes how shall i be filing the income tax ;will it be once a year or at some regular interval, also would i be required to keep Financial statements for the company.
From India, New Delhi
You can start your own business parallel to your job. Please do check if your terms of employment prohibit such arrangement, you would need to start the business in an alternate arrangement.
Further, your return of income would be filed separately and the return of income of the business/company would be filed separately and you would need to maintain a separate set of financial statements for the business. In case it is in the form orsole propritorship oinly one return of income shall be filed.
The Return on Income is filed once in a year for all types of assessees, as per the income tax law in force as on date.
We can help you in all this and more please feel free to contact us.
From India, New Delhi
Further, your return of income would be filed separately and the return of income of the business/company would be filed separately and you would need to maintain a separate set of financial statements for the business. In case it is in the form orsole propritorship oinly one return of income shall be filed.
The Return on Income is filed once in a year for all types of assessees, as per the income tax law in force as on date.
We can help you in all this and more please feel free to contact us.
From India, New Delhi
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