Opening Current account and TAX details for Sole proprietor firm
I am planning to start small scale Social Media Marketing service company from my residence. When i approached banks to open current account they have asked for VAT / Service Tax / Form C.
My annual turnover would be less than 1 Lakh as per my prediction. Can anyone suggest any simpler way to get the Tax / bank accounts in place.
Coming to tax part, you have to file Income Tax returns and that would be done with your personal PAN since you are operating as a proprietorship.
For current account, Banks require a business proof and its not adviced that you for these registration at such a low revenue. Its suggested that you open a seperate saving account on your name and use that bank account for your business receipts.