FAQ,s

All you need to know about the ODIA BUSINESS GURUKUL

Why Young Generation prefer Business rather than doing service in India in 2024?

1. Entrepreneurial Spirit: In 2024, the young generation in India is increasingly drawn to the allure of entrepreneurship, driven by a vibrant startup ecosystem and government initiatives supporting small businesses.

2. Innovation Opportunities: Business offers the youth a platform to channel their creativity and innovation. The prospect of creating something unique and disruptive motivates them to pursue entrepreneurial ventures.

3.Economic Independence: A desire for financial autonomy is pushing young individuals towards business ownership, allowing them to control their income and build wealth on their terms.

4. Job Satisfaction: Many young people seek fulfilment and job satisfaction, which they believe can be achieved through owning and running their own business rather than conventional employment.

5.Flexibility and Autonomy: The appeal of flexible work schedules and autonomy over decision-making processes attracts the younger generation to entrepreneurship, providing a contrast to the structured nature of traditional service jobs.






What the documents are required for a Business Loan

Securing a business loan in India involves presenting a comprehensive set of documents. 

Firstly:- financial records such as audited balance sheets,

Secondly:-Profit  and loss statements and 

Thirdly tax returns are crucial. Banks typically require business registration documents, including certificates of incorporation and partnership deeds. 

Fourth:-Detailed business plans outlining the purpose of the loan, its utilization, and 

Fifth:-projected financials are essential. Personal identification documents of business owners, like Aadhar cards and PAN cards, are mandatory. Lastly, collateral documents, such as property papers or asset details, are often necessary to secure the loan and provide a guarantee to lenders.

What is the Benefit to file an ITR every year? 

Filing Income Tax Returns (ITR) annually in India holds several key benefits. 

Firstly, it ensures compliance with tax laws, avoiding legal complications. 

Secondly, regular filing establishes a transparent financial history, facilitating easier loan approvals and financial transactions. 

Thirdly, ITR acts as proof of income for various purposes, including visa applications and property transactions. 


Additionally, it allows individuals to claim refunds for excess tax paid and avail deductions, reducing the tax burden. 

Lastly, consistent filing contributes to nation-building by ensuring revenue for public services and infrastructure development, fostering economic growth and stability.






WHY is GST registration required for a Business person? 

GST (Goods and Services Tax) registration is imperative for business persons for several reasons.

 Firstly, it legalizes the business, making it compliant with tax regulations. 

Secondly, it allows for the seamless flow of input tax credits, reducing the cascading effect of taxes. 

Thirdly, registered businesses can collect GST from customers, enhancing transparency in transactions. 

Additionally, GST registration is mandatory for businesses with a turnover exceeding the prescribed threshold, ensuring broad tax coverage.

 Lastly, it enables access to various government schemes and benefits, fostering a conducive business environment and promoting economic growth. Overall, GST registration is a fundamental requirement for a business person to operate legitimately and efficiently.

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