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Understanding Different Business Entities in India: Registration and Taxation Guide

This guide details the various business entities in India, including proprietorships, partnership firms, limited companies, and Hindu Undivided Families (HUF). It covers important aspects such as registration requirements, obtaining necessary licenses and PAN, and tax slabs applicable to each entity type. The guide also explains the partnership deed and its implications, along with the tax rates and filing deadlines associated with direct and indirect taxes. Entrepreneurs and business owners will find a comprehensive overview of the steps needed to establish their business legally and understand financial obligations.

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Understanding Different Business Entities in India: Registration and Taxation Guide

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  1. BUSINESS ENTITIES CA. Kishor Rajeshirke 2009

  2. Different entities • Proprietorship • Partnership Firms • Limited Companies • Hindu Undivided Family (HUF) • Association of Persons (AOP)

  3. Proprietorship • No Registration formalities. • Opening of Bank Account. • Obtaining PAN. • Shop and Establishment License. • VAT – CST – Service Tax Registration

  4. Proprietorship – Tax Slabs • Income between – Rs. 0 to 1,60,000/- NIL 1,60,000 to 3,00,000 10 % 3,00,000 to 5,00,000 20 % 5,00,000 and above 30 % • Rs. 1,90,000/- for women assessees • Rs. 2,40,000/ - for senior citizen. • Cess applicable @ 3% on Tax plus SC.

  5. Partnership Firms • Partnership Deed. • Stamp Fees Rs. 500 for capital contribution of Rs. 50,000/- each. • Opening of Bank A/c • Obtaining PAN / TAN • Shop & Establishment registration • VAT / ST / Excise Registration

  6. Name and Address of Partners Date of commencement of partnership Object of partnership Place of business Capital Duration Profit / Loss Sharing Ratio Operation of Bank A/c Retirement / Death Duties of partners Remuneration Interest of capital Arbitration clause Content of Partnership Deed

  7. Partnership - Registration • Marathi Translation of Deed • Form No. A • Stamp Papers for True Extract • Filing Fees

  8. Partnership Firm – Tax Rate • 30 % on Profit during the year. • Cess @ 3 % on Tax and SC.

  9. Companies – Formation procedure • DIN for proposed Directors. • Application for availability of name • Preparation of Memorandum and Articles of Association. • Stamping of MOA & AOA. • Submitting necessary forms along with MOA and AOA with Registration Fees with Registrar of Companies ( ROC) • Obtaining certificate of Registration

  10. Companies – Rate of Tax • 30 % on Profit during the year. • Cess @ 3 % on Tax and SC.

  11. DIRECT TAXES Income Tax Wealth Tax Gift Tax FBT INDIRECT TAXES Excise VAT CST Service Tax Various Taxes

  12. Due date of filing IT Returns • 31st July for business assessees • 30th September for assessees liable for Tax Audit • 30th September for Companies.

  13. Thank you

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