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12/12/2016

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open a current bank account in a


bank as Sole Proprietorship
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PostViews:509
DoyouknowabouttheHowtoopenacurrentbankaccountinabankas
SoleProprietorshipFirminIndia?InIndiamostly,morethan50%legalentities
aretheSoleProprietorshipFirm.IntheSoleProprietorshipFirm,theultimate
objectiveisopeningacurrentbankaccountsothereisnoseparateregistration
certificationfortheSoleProprietorshipFirmlikeaPrivateLimitedCompanyor
LLPorOPCorPartnershipFirm.LetslearnaboutaChecklistwhichisrequired
toopenacurrentbankaccountinabankasSoleProprietorshipFirmasperthe
RBIGuidelinesinanybank.

http://legaladda.myonlineca.in/opencurrentbankaccountsoleproprietorship/

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12/12/2016

openacurrentbankaccountinabankasSoleProprietorshipLegalAdda

Checklist for the open a current bank


account in a bank as Sole
Proprietorship
WedividedChecklistinthe2Category
a)EntityProofb)PersonalProof

a) Entity Proof Checklist


AsanEntityProof,youhavetorequireatleastonedocumentswhichareonthe
SoleProprietorshipFirmNamesoitsrequiredfollowingAnyoneOneor
TwoDocumentsRequired
Particulars

ShortDetails

1.ServiceTax

Itsissuedbythecentralexciseand

RegistrationCertificate(ST2)

customboarddepartment.itsrequired
bytheserviceproviderasaSole
ProprietorshipFirmandmostlyFirmcan
availtheservicetaxregistration
certificateinthestartingtoopena
currentbankaccountontheFirmName.

2.ValidShopactLicense|

Itsissuedbythelocalmunicipalparty

GumastaLicense|Trade

andrequiredbythetradingbusiness

License

wheretheyhaveaphysicalshop.In
theMaharashtraStateitsalsocalled
GumastaLicense&IntheWBorsome
otherstateitscalledTradeLicense.

3.VAT/CSTRegistrationorTIN

ItsissuedbytheeachstateVAT

Number

Department.itsrequiredbythedealer

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openacurrentbankaccountinabankasSoleProprietorshipLegalAdda

ortraderormanufacturewhichare
dealingintheVATeligibleproductsor
doingthebusinessonlinewiththee
commercecompanieslikeFlipkart|
Snapdeal|Amazon|Paytmetc.
4.ProfessionalTax

ProfessionalTaxRegistrationis

Registration

applicableonlyinthesomestate,soif
youprofessionalserviceproviderlike
thedoctororCAetcthengowiththe
professionaltaxregistrationandopen
thecurrentbankaccountonthatbasis.

5.Licensei.eCertificationof

ItsissuedbythepracticingCAorother

Practiceissuedbythe

professionallikeCSorCWAregarding

CharteredAccountant,

thenatureofthebusinessand

CompanySectorCWAetc.

identificationofthedocuments.

6.FoodorDrugLicenseby

ifyouaredealingintheFoodrelatedor

Authority

medicalbusinessthenyouhaveto
requirethefood&druglicenseonthe
firmnamesoyoucanopenacurrent
bankaccountforthesame.

7.CertificationofRegistration

Insomebusinessyouhavetorequire

UnderanySpecificStatueof

theparticularlicense.forexFactory

ActoftheGovt

Registrationactsoyoucanopenthe
accountonthislicensebasis.

8.ValidBusinessLicenseor

Ineachstate,thereisadifferentpolicy

CertificationofRegistration

forsomeindustrywheregovtprovide

issuedbythestateorcentral

thegrantsorloanssupportsothey

government.

issuedthecertificationofregistration
underthatparticularactsoyoucanuse
thiscertificationforthebankaccount.

9.PermissionCertification

GovtofIndiasupporttheparticularline

issuedbytheCentralorState

ofthebusinesssotheyestablishedthe

GovtintheSEZZone,

specialeconomiczoneorsoftware

SoftwareTechnologyPark,

technologyparksoifyougotthe

ExportOrientedUnits,Export

permissiononthepaperonyourFirm

ProcessingZoneetc.

Namewiththeaddressthenitsworkfor
thecurrentbankaccount.

10.RegistrationCertificateof

Whenyouaredoingthebusinessthat

recognizedprovidentfundwith

timeyouhavetoregisterundersome

thePFCommissioner

otheractsalsolikeEPFActsoifyou
haveacertificationregardingthisthen
itsworkforthecurrentbankaccount.

11.RegistrationCertificate

ifyouapplyfortheSSIUnitsfromthe

issuedbytheMSME

MSMEDepartmentandgotthe

Department.

certificationthenitsworkforthecurrent
bankaccount.

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openacurrentbankaccountinabankasSoleProprietorshipLegalAdda

12.IECCode(ImportExport

Ifyouaredoingtheimportexport

Code)

businessandapplyfortheIECCodeon
thelegalentitynamethenitsworkfor
thecurrentbankaccount.

13.LatestIncomeTaxReturns

Ifyouarefilingsyourbusinessincome

whichhasbeenfiledinthe

intheITRthenyoucanuseyourFinal

nameofthesoleproprietorship

ITRwiththeComputationforthecurrent

firmincludingthecomputation

bankaccount.

oftheincome
14.LatestVAT/CSTorST

ifyouhaveoldTINNumberorST

Returns

Numberandfilingstheregularreturns
thenyoucanusethefinalreturnsforthe
currentbankaccount.

15.TANAllotmentLetteron

TANisrequiredforthedeductingthe

theLegalEntity

TDSsoifyouhaveTANNumberonthe
firmnamethenitsworkforthecurrent
bankaccount.

16.LatestPropertyTax

ifyouhavetaxpaymentreceiptCopyon

PaymentorUtilityBillsCopy

theLegalEntitiesNamethenyoucan
useforthecurrentbankaccount.

MustReadServiceTaxReturnandPaymentDueDate:2016

b) PersonalID & Address Proof


YouhavetorequirethepersonalID&AddressproofalsoapartfromtheLegal
EntityDocumentswhicharefollowing
PANCardCopyoftheProprietor
AddressProofasAdharCardCopyorVoteridorPassportCopyorDriving
Licenseanyone
UtilityBillsCopyorPersonalSavingBankAccountBankStatementetc.

MustReadGovernmentEMarketplace:RegistrationUltimateGuide

LegalExpertSuggestionBeforeappliesanyabovecertification,firstofall,you
havetofineyournatureofthebusiness.ifitsaservicebasedbusinessthen
alwaysgowiththereliablecertificationwhichcanproveyourlegalentityasSole
Proprietor.Sowegiveyoubelowsomesuggestionfortheserviceorproduct
basedbusiness

MustReadUltimateListof68StartupIncubatorsinIndia

a)ServiceBasedBusinessGowiththeServiceTaxRegistrationCertification.
Itsnotmeanthatyouhavetopaytheservicetax.still,youareeligibleforthe

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openacurrentbankaccountinabankasSoleProprietorshipLegalAdda

exemptionofthe10lacRupeesTurnover.itsabestreliablecertificationforthe
serviceproviders.
b)ProductBasedBusinessGowiththeVAT/CSTRegistrationorShopact
LicenseorMSMECertificationfortheproductbasedbusiness.VAT/CSTisa
permanentsolutionbutinsomestateitsreallyexpensivesoyoutoalwaysgo
withtheShopactLicenseorMSMECertification.
HelpfulResources
CompareabouttheEachLegalEntity
RegisteryourSoleProprietorshipFirmOnlineviaMyOnlineCA
YoucanCheckoutbelowVideoalsoonHowtoRegisteraSoleProprietorship
FirminIndia

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