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February 3, 2014

REGISTRATIONS FOR A NEW BUSINESS

QUESTION:

From- Harsha


HI, I am looking to take a franchisee in Bangalore from a company located in Hyderabad,
After registering a firm what are the permissions required after is tan and pan of firm are enough, or should I apply for Tin number also.


ANSWER:

Hi Harsha,
Thanks for visiting our page and posting your query. Please find your answer below:

1. As already mentioned by you, firstly get your entity registered either as firm or company or even you can start as Sole Proprietorship (it doesn't need registration).

2. Apply for a PAN card for your Partnership Firm or Company. If you will be running business in proprietorship then your personal PAN card will be the PAN of the firm.

3. Apply for the TAN only if there is any TDS liability on the firm.

4. Please see the model of your franchise business. If its from service industry then you will have to apply for Service Tax Number when your receipts crosses Rs. 9 Lakhs. If  you are going to trade in goods than apply for TIN number from the local sales tax office.



Hope this helps you. Feel free to ask further query.


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