Sole Proprietorship Registration & Tax Compliance — R K Associates

Start your business quickly and compliantly. We handle Udyam (MSME), GST, Shop License, Current Account setup and Income Tax filing for sole proprietors.

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Sole Proprietorship Registration

Sole Proprietorship Registration in India — Affordable & Tax-Ready

Looking to start a sole proprietorship in India? We provide end-to-end assistance — from Udyam (MSME) registration to GST, Shop & Establishment license, current account setup and annual income tax filing. Ideal for freelancers, traders, shop owners, and online sellers.

What We Cover

Our Sole Proprietorship service package is designed to provide complete legal, tax, and compliance support so you can focus on running your business. Below is the expanded full list of services offered:

Business Registration & Legal Setup

  • Udyam Registration (MSME Certificate) for official business recognition
  • GST Registration—mandatory for inter‑state supply, online selling, and turnover‑based compliance
  • Shop & Establishment Act Registration (state‑wise compliance)
  • Professional Tax Registration (if applicable in your state)
  • Import Export Code (IEC) for importers/exporters
  • Trademark application support for protecting brand names and logos

Banking & Financial Setup

  • Assistance in opening a Current Account in any bank (SBI, HDFC, ICICI, Axis, BOI, PNB, etc.)
  • Preparation of business address proof, declarations & documents needed by banks
  • Guidance on choosing the right banking products—OD, CC limits, merchant accounts
  • Support for applying Mudra Loans, MSME Loans, and government schemes

GST Compliance & Monthly Filings

  • Monthly/Quarterly GSTR‑1 and GSTR‑3B filings
  • Proper ITC (Input Tax Credit) reconciliation
  • E‑Invoice and E‑Way Bill activation and support
  • GST Registration amendment, cancellation & revocation
  • Handling GST Notice replies and audit support

Income Tax Compliance for Proprietors

  • ITR‑3 or ITR‑4 Filing (Presumptive & Non‑Presumptive)
  • Tax planning to reduce liabilities under Old/New regime
  • Advance Tax estimation and quarterly reminders
  • Business deductions planning—rent, depreciation, expenses, phone, internet, travel etc.
  • TDS compliance—filing, deductions, corrections & 26AS reconciliation

Complete Bookkeeping & Accounting

  • Monthly bookkeeping using Tally / Zoho / QuickBooks / Excel
  • Sales, purchase, expense & bank reconciliation
  • Profit & loss report, balance sheet preparation
  • Custom MIS reporting for business growth

Additional Business Support

  • Digital Signature Certificate (DSC) issuance
  • FSSAI Registration for food businesses
  • Shop board, invoice format & documentation templates
  • Business growth consultation for scaling operations
  • WhatsApp & phone support for all compliance queries

Our goal is to ensure you never miss a compliance deadline and your business remains fully legal, tax‑efficient, and ready for growth.

Why Choose Sole Proprietorship?

A sole proprietorship is the easiest and most cost-effective business form. Key benefits:

  • Low setup cost & simple documentation
  • No ROC filings — owner and business are the same
  • Ideal for freelancers, tutors, kirana stores & online sellers
  • Easy bank account opening with registration proof
  • Option to use presumptive taxation (simplified tax)
  • Quick Udyam registration unlocks government benefits

Our Registration Process — Simple & Transparent

  1. Consultation & Document Checklist — We share a tailored checklist based on your business.
  2. Apply for Udyam & GST — We prepare & submit applications and handle portal follow-up.
  3. Open Current Account — We help prepare bank-ready documentation and liaise with the bank (if required).
  4. Start Operations — You receive registrations, sample invoices and basic compliance guidance.
  5. Ongoing Compliance — Monthly bookkeeping, GST filing & annual ITR options.
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Documents Required

  • PAN of Proprietor
  • Aadhaar Card
  • Passport-size photo
  • Business address proof (electricity bill/rent agreement)
  • NOC from owner (if rented)
  • Bank statements (if applicable)

Frequently Asked Questions

Is it mandatory to register a sole proprietorship?

No formal registration is required to start a sole proprietorship. However, registrations like Udyam, GST, and Shop & Establishment are necessary depending on turnover and business activity.

What is Udyam registration and why should I apply?

Udyam (MSME) registration provides proof of business and unlocks subsidies, loan benefits and priority in government schemes.

Which ITR form should a sole proprietor file?

Use ITR-4 if you opt for presumptive taxation (44AD / 44ADA) and ITR-3 if you maintain regular books of accounts.

How soon can I start after registrations?

Udyam is usually instant, GST can take 3–7 working days (depending on verification), and Shop License timelines vary by state.

Can I open multiple businesses under one sole proprietorship?

Yes. A sole proprietor can operate multiple business activities using the same PAN and Udyam Registration, but banks or GST may require separate declarations depending on business nature.

Is GST compulsory for sole proprietors?

GST becomes mandatory if your turnover crosses ₹40 lakh (goods) / ₹20 lakh (services), or if you sell online or supply inter‑state.

Can a sole proprietor hire employees?

Yes. Sole proprietors can hire staff and must comply with EPF/ESI and labour laws depending on employee strength and state rules.

Is audit mandatory for sole proprietorship?

Audit is required only if turnover crosses ₹1 crore (business) or ₹50 lakh (profession). For presumptive taxpayers (44AD/ADA), audit may apply if income declared is lower than presumptive percentages.

Can I convert my sole proprietorship into a Private Limited company later?

Yes. Conversion is possible and common. Existing GST, bank accounts, assets, and liabilities can be transferred legally to the new company.

What is the validity of Udyam Registration?

Udyam Registration is permanent and does not require renewal.

Can a sole proprietor get business loans?

Yes. Banks offer Mudra Loans, MSME loans, overdraft facilities, and cash credit.

Can a sole proprietor have a business name different from their personal name?

Yes. Trade names are allowed. Trademark registration is recommended.

Do I need a Shop & Establishment License for online business?

Many states require this license even for home‑based or online businesses. Banks also accept it as valid business proof.

Ready to start your business?

Get professional help with registration and tax compliance — start today with a free consultation.

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