A Private Limited Company is ideal for startups looking to raise funding and offers a higher corporate status. An LLP (Limited Liability Partnership) is better for small businesses as it has lower compliance costs and no requirement for a statutory audit unless certain turnover thresholds are met.

GST registration is mandatory if your annual turnover exceeds ₹40 Lakhs for goods (₹20 Lakhs for North-Eastern states) or ₹20 Lakhs for services. However, if you sell products online (e-commerce) or across state lines, registration is required regardless of turnover.

Professionals usually file ITR-3 or ITR-4. ITR-4 (Sugam) is for those opting for the Presumptive Taxation Scheme under Section 44ADA, which allows you to declare 50% of your gross receipts as profit, simplifying your tax calculation.

While you can start using the ™ symbol within 24 hours of filing the application, the full registration process (to use the ® symbol) typically takes 6 to 12 months, depending on government processing times and any potential objections.

Missing deadlines results in heavy per-day penalties and interest charges. For GST, the late fee is generally ₹50 per day. For MCA, delayed annual returns can lead to significant additional fees and potential disqualification of directors.