Small Business Help Center from EZTax.in is a portal and an effort to help new and current Entrepreneurs to get access to most important resources for them to be successful and compliant.
Small and Medium Businesses (SME aka SMB / MSME) are the foundation for Indian economy and a reflection of it's diversity. Remember, Entrepreneurship is a true Indian dream.
A business is a setting for trading, transact for a profitability and make money, but an entity (firm, company, organisation) is a regulatory framework governed by local / central laws / acts.
To do a business in India, particularly many small businesses, you do not need to start a "company", unless you want the advantages of such framework and/or mandated to certain circumstances like limited liability, protection to personal, business assets.
Every business other than a sole proprietorship must file their Income Tax annually. For sole proprietorship businesses are required to file Income Tax if the income is more than Rs. 2.5L in a year.
It is very important to note that businesses shouldn't neglect file their income tax as it is an important document for future loans, and to reflection / basis for credit worthiness more than regulatory compliance.
GST Number is mandatory if the turnover is more than 20L for Services, 40L for Products. Once GST number is taken for your business or professional work, one must file GST Returns regularly even if no business for a period.
It is important to register your business when needed, for right risk coverage and the intended benefits. Contact EZTax.in Consultant to get to know more or a right advice.