hi
i am not able to get what you exactly what to know??
Sirs, I want to know the benefits of taking TIN no in company firm vs individual. My total turn over is 20 lakhs per year. Which one is better for me now? I am having a tin in partnership firm but i want to change it to individual firm. Please suggest me.
There is no special advantage or disadvantage, so far as VAT is concerned, whether you are an individual or a company.
Please provide your state as TIN No. (Sales Tax) depends on state wise rules. We are dealing only in sales tax of Telangana.
The selection of the entity like individual , firm or company all depend upon your long term business planing and related matter . There is no any statuatory compulsion in this regard . If you want covert the existing partnership firm into individual firm , you can go for the dissulution of the partnership firm and after dissulation if mutually agreed with the partners you cn carry on the existing business .
There is no specific benefit in TIN according to constitution of the firm whether it is a Partnership firm or Proprietership firm.
However, if you are running a retail business, you can go for the compounding scheme of payment of taxes @ 0.5% on your turnover, provided the turnover does not exceed Rs. 50 Lakhs. In your case, if your turnover is above 50 Lakhs and less than a crore, you still claim the benefit of payment of taxes under compounding scheme by splitting the turnover with 2 firms so that turnover in each of the firms does not exceed Rs. 50 lakhs.
Other than the above, i donot see any other benefit according to the constitution of the firm for VAT purposes.