NTN – Business Person
If you are a sole proprietor then only identity that you have is NTN as sole proprietors are not required to be registered with any other regulatory or registration authority. Further NTN is required to open a business account.
It is required for filing tender notices and bids with government departments and multinational companies.
Filing of Tax Return – Business Individuals
If you are a business individual then filing of return is more important for you than that of a salaried individual. Further being non filer you attract higher withholding tax rates on banking transactions , vehicle token, vehicle purchase / transfer, supplies and services provided by you.
Filing of Wealth Statement
Filing of wealth statement along with tax return is mandatory for all, wealth statement describes personal expenses, personal assets & liabilities, receipt of funds from other sources, and reconciliation of wealth.
Sales Tax Registration – Business Individuals
Sales tax registration for business individuals is required if any individual is involved in taxable activities. Sales tax registration is also required to enter bidding or tendering process with a government department or multinational company, even a business is not involved in taxable activities.