Ask at least these questions about income tax and VAT

Income Tax

1. What tax rate will apply to my company?  
2. What are the tax benefits / special tax incentive am I eligible for? Can I, as a shareholder/director, avail the same tax benefit?
3. Are there any special tax benefits available to founders investing into the company?
4. Do I need any registrations to qualify for tax incentives? Is there any other requirement?  
5. Can I take remuneration or other payment from my company for my services? If yes, will such payment be taxed? Will such payment be taxed, even though the company is eligible for tax benefits/exemption? 
6. How tax are calculated?
7. Is there any restriction for expenditure?
8. When do I need to pay through bank transfer or cheque?
9. Can I set off tax losses? Can I carry them forward?  
10. When am I required to deduct tax at source (TDS)? What are the rates of deduction?  When do I deposit TDS in favour of the authority? Do I need to submit any other information in respect of TDS?
11. Who would deduct tax source from my receivables? Is there any exemption available against such TDS? If so, what are the documentary requirements? 
12. Can I claim credit against TDS? What are the documentary evidence I would require to claim credit against TDS? 
13. What are the tax returns/statements I should file each year, and what are the timing for such return/statement filing? 
14. When do I need to pay tax to the authority?
15. Is it possible to take refund of the extra tax paid? 
16. What are tax and/or and stamp duties obligation if shares are transferred?

B. Value Added Tax (VAT)

1. Do I need a VAT or turnover registration?
2. Is the goods or services I am supplying, exempted?
3. What is the applicable VAT rate?
4. What are my VAT obligations as a supplier? 
5. What is the method of payment of VAT?
6. At what stages should VAT be paid? 
7. If the service I am providing is vattable, what is the rate? 
8. What are my VAT obligations as a buyer? 
9. When should I deduct VAT at source?
10. If I have an obligation to deduct VAT at source, what are my obligations after deduction?
11. What will be the penalty for failure to deduct VAT?
12. What are my obligations to pay VAT if I am obtaining services from abroad (e.g. Facebook, Google)?
13. What are the documentations I need to maintain for VAT rebate and adjustments? 

These are certainly not all the questions that you need to ask yourself, but this could be a starting point.

Happy entrepreneurship!