What Is Proprietorship Registration? 

Proprietorship registration means making a business owned and managed by an individual. This type of business in India doesn't require incorporation in a formal way; rather, it is identified through various registrations like GST, MSME, and the Shops and Establishment Act. 

Sole Proprietorship Firm Registration in Greater Noida is one of the most inexpensive and easy routes into entrepreneurship. Registering as a sole proprietor in Greater Noida is for those who want to start small, with less investment and regulatory baggage. The guide consolidates all the information about proprietorship registration in Greater Noida, including eligibility qualification parameters, types, advantages, taxation, documents to be submitted, and a step-by-step process.  

Eligibility Criteria for Sole Proprietorship in Greater Noida 

For sole proprietorship firm registration in Greater Noida, the following conditions are needed: 

• Indian Citizenship: The owner should be an Indian citizen. 

• Minimum Age: The person should be above 18 years. 

• Business Address: Valid proof of address of the business. 

• Legal Compliance: Have to comply with all local laws like licensing and registration. 

Types Of Registrations For Sole Proprietorship In Greater Noida 

However, there is no formal Proprietorship Firm Registration Services in Greater Noida; here are the registrations that are legally required: 

• GST Registration: Mandatory if the turnover exceeds ₹20 lakhs (₹10 lakhs in special category states). 

• MSME Registration: Enables concession under government schemes and relaxed access to credit. 

• Shops and Establishment Act License: Mandatory for businesses that function through a physical presence. 

• FSSAI Registration: Mandatory for businesses involved in food activities. 

• TAN Registration: Mandatory for businesses that deduct tax at the source. 

• Trademark Registration: Optional, but greatly recommended for the protection of the brand. 

Benefits Of Registration Of Sole Proprietorship In Greater Noida 

• Ease of Establishment: Easy and cheap to set up. 

• Total Control: The individual owning the business has total control over decision-making. 

• Tax Advantage: The income is taxed as personal income, giving some tax advantages. 

• Less Compliance: Compared to other types of business structure, it is easiest to comply with. 

• Confidentiality: No requirement to issue any of the financial statements to the public. 

Taxation Of Sole Proprietorship In Greater Noida 

Income Tax Acts tax sole proprietorships as individual taxpayers. The tax slabs for the financial year 2024-25 are: 

• Up to ₹3,00,000: Nil. 

• ₹3,00,001-₹6,00,000: 5% of income over ₹3,00,000. 

• ₹6,00,001-₹9,00,000: ₹15,000 + 10% of income over ₹6,00,000. 

• ₹9,00,001-₹12,00,000: ₹45,000 + 15% of income over ₹9,00,000. 

• ₹12,00,001-₹15,00,000: ₹90,000 + 20% of income over ₹12,00,000. 

• ₹1,500,000 and above: ₹150,000 + 30% of income above ₹1,500,000. 

A Cess of 4% for Health and Education shall also be levied on the total tax amount due.  

Documents Required For Proprietorship Registration In Greater Noida 

The following are the documents to be presented: 

• Identity Proof: Aadhaar Card, PAN Card.  

• Address Proof: Electricity Bill, Rent Agreement, or Property Tax Receipt.  

• Bank Account Details: Bank account details of Proprietor.  

• Business Name with Address: Proof of location of business.  

Procedure For Sole Proprietorship Firm Registration In Greater Noida 

1. Business Name Selection

The name should preferably be suitable and distinctive enough to reflect the business activity. The name should not already be used so as to not create any legal or branding problem. 

2. Obtain PAN Card

For keeping the bank accounts or for tax purposes, the sole proprietor would need a Permanent Account Number. If there is no PAN, it can still be registered with the Income Tax Department. 

3. Current Bank Account

Opening a current account in the business name under proprietorship and PAN and the document of business address is a prima facie necessity. This creates a clean bottom for accounting.  

4. GST Registration (if applicable)

Forced registration under GST comes into play where there is a turnover of over ₹20 lakhs per annum or if there is interstate business involved.  

5. MSME/Udyam Registration

Under MSME (Udyam) registration, the company is eligible for grants, incentives, and easy loans. 

6. Obtain Required Licenses

The licenses will need to be taken based on the type of business, i.e., FSSAI license for food business and Shops & Establishment license for service and retail industry, etc. 

7. Compliance

Being compliant, keep a check on timely payment of income tax and GST returns in case of registration. 

Time to be taken: Usually seven to ten working days. 

Compliance Requirements For Sole Proprietorship Registration Online In Greater Noida 

• Income Tax return: Submit annual income tax returns according to individual tax slabs. 

• GST Returns: Submit monthly or quarterly GST returns if registered. 

• TDS Returns: Deduct and file TDS returns, if applicable. 

• Statutory Audit: Mandatory auditing if turnover exceeds ₹1 crore in a year for businesses engaged in trading or ₹50 lakh for professional service providers.