Registration For Sole Proprietorship Business in India. You don’t need to register your sole proprietorship in India. But in order to receive payments in the name of the business, you need to open a current account
Know More About PAN And TAN
It is generally found that every person has Permanent Account Number (PAN) which is a ten-digit alphanumeric number. This is the number which has to be applied for and based on which it would be issued by the Income Tax Department. This card is provided in the form of a laminated card to any “person” who applies for it.
Tax Deduction Account Number is well known to all. It is also called as Tax Collection Account Number. This is a 10 -digit alpha-numeric number that is provided by the Income-tax Department to the individuals. TAN is applicable to those individuals whose tax at source (TDS) are deduced and also those who collect tax at source (TCS). If you note the number carefully, you will find that the first four digits in the TAN are the alphabets and the next five are numeric and the remaining last digit is again an alphabet. This is the basic structure of the TAN.