Sole Proprietorship Firm Registration in Assam: Requirements, Licenses & Bank Account

Before initiating your applications, prepare the following foundational documentation:

• Proprietor's PAN Card & Aadhaar Card: Linked with an active mobile number for OTP authentications.
• Passport Size Photograph: Recent colored photograph of the proprietor.
• Proof of Business Address in Assam: Electricity bill, water bill, or property tax receipt dated within the last 60 days.
• Tenancy Proof (if rented): Registered or notarized rent agreement accompanied by a written No Objection Certificate (NOC) from the landlord.
• Cancelled Cheque: Savings or proposed bank account statement in the proprietor's name.

A major advantage of a sole proprietorship is tax simplicity:

• No Separate Corporate Tax Filing: Business income is treated as personal income of the proprietor and taxed at normal individual income tax slab rates.
• Presumptive Taxation Scheme (Section 44AD / 44ADA): Eligible small businesses can declare presumptive net profits (e.g., 6% or 8% for traders; 50% for specified professionals) without maintaining voluminous accounting books.
• Assam Professional Tax: Requires annual enrollment under the Assam Professional Tax schedule based on gross turnover.