Proprietorship Registration In Puducherry
Proprietorships in Puducherry are popular unregistered business entities that are owned, managed controlled by one person. Most of the small businesses that are operating in the unorganized sector prefer registering as a proprietorship in Puducherry. Sole proprietorships are simple to start and have very few regulatory compliance requirements for conducting the operation. Proprietorship registration is very ideal for entrepreneurs who are getting into the business for small businesses with few clients.
How to register for Proprietorship in Puducherry?
For registering a Proprietorship in Puducherry there are no formalities or registration. Just a business license is required by the central or the state government. In case if the business name is unique then it is better to also get a trademark registration.
Irrespective of the type of entity business licenses are required for any permit for any applicant who is registering a proprietorship in India. He should understand the regulatory framework that surrounds the activity he is wishing to do and obtain the relevant licenses.
It is mandatory to obtain Tax registrations from the relevant Tax authorities it is based on the type of activity the proprietor is performing. GST Registration, professional tax registration, and ESI/PF Registration.
As there is no registrar for the proprietorship firms, the proprietorships usually operate under any name unless the name is not conflicting with any trademark registration and the other rules and regulations. If the applicant wants to get the goods and services offered by him identified exclusively then it is always recommended to get a trademark registration done.
Post incorporation compliances for proprietorship registration in Puducherry
Similar to the LLPs and Private Limited Companies that are registered in India, proprietorships are required to file income tax returns. As the proprietor and the proprietorships are the same and the proprietorships registered in Puducherry would only file the income tax returns.
The income tax act states that all the proprietors below the age of 60 are required to file ITR only if the total income is exceeding Rs. 2.5 lakhs. If the proprietors are over 60 years and less than 80 years then the proprietor is required to file ITR only if the income is exceeding Rs.3lakh.
Proprietors over the age of 80 years are required to file the income tax if the income is exceeding Rs. 5 lakh.
With IndiaFilings you can get proprietorship registration in Puducherry and also helped several small and medium-sized firm to file their ITR. Get in touch with our experts today.