Opening Current account and TAX details for Sole proprietor firm - Professionals - Taxation - TIK Share
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Opening Current account and TAX details for Sole proprietor firm


Vasavambal Manikandan

2015-01-24

Hi, 

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. 

 

Rahul Rai

2015-01-25

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.

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Vasavambal Manikandan

2015-01-25

Dear Sir, 

Thanks for the details.

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