Home > Income Tax > Small Business Help CenterLast Updated: Apr 09th 2023
The EZTax.in Small Business Help Center provides new and established entrepreneurs with the resources they need to succeed and comply.
Small and Medium-Sized Enterprises (SME or SMB or MSME) are the backbone of the Indian economy and a reflection of its diversity. Remember that entrepreneurship is a genuine Indian aspiration.
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.