Doing a part time business alongside working full time

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I am currently working in a full-time job, and would like to open a small part-time business. The business will be a service-oriented business, meaning no office or premises is required.

I gather that I need to register as self-employed for a Business Card at Companies Division (CBRD). Do I also need to register with the Municipality and pay an annual license fee? Any link where I can view the fees for different categories of business?

Also do I need to register anything with MRA and make annual returns? If so, given that the business is service-oriented, how can MRA check my figures to ensure if I am making any profit? (By the way, is tax paid on profit or turnover?)

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gices Level 6

Yes you also need to register with your local Municipality. You will have to call them to find out how much you'll have to pay (usually between Rs5000-12000 per year).

You also need to register with MRA as self employed as this extra income would be taxable. You will need proof of income/expenses like receipts, bank statements showing money coming into your account or something similar.

You pay tax on profit so, gross income - total expenses.

vimal Level 1

And when registering the business, from one of your articles I see that "you can either set up a company or register as self-employed".
If I register as self employed, does it mean I have to register in my own name (e.g. "John Doe") or I can register as a business name eg "XYZ Services"?