Proprietorship firms need to file the Proprietorship return filing in Lakshadweep just like the Limited Liability Partnerships and the Companies that are registered. As the proprietor and the proprietorships are considered to be one, the income tax return filing for proprietorships and the proprietors is the same. As a sole proprietorship is not taxed differently the business owners file for their business taxes like their individual returns.
Similar to the individual taxpayers the proprietorship firms are also entitled to the proprietorship tax deduction under the Income-tax rules and the applicable slab rates.
How to do Proprietorship return filing in Lakshadweep?
Proprietorship is required to file Proprietorship Tax returns every year in Lakshadweep unless there is an exemption. Two forms are filed depending on the nature of the proprietorship firm.
Form ITR 3
Form ITR 3 is used to file the Income-tax if the proprietorship firm is run by any proprietor or by a Hindu Undivided Family
Form ITR 4
A proprietorship firm uses Form ITR 4 for proprietorship return filing under the presumptive taxation scheme. The Presumptive taxation scheme has reduced the compliance burden of small businesses comparatively.
A proprietor is also entitled to all tax deductions that are offered to the individuals or the Hindu Undivided Family.
What is the Presumptive Taxation Scheme?
The small taxpayers have been relieved due to the Presumptive Taxation Scheme. The Presumptive taxation scheme is allowing small businesses to carry on trade without being burdened by the excessive compliance-related requirements. Entities that are enrolled under the presumptive taxation scheme can compute the income on an estimated basis under section 44AD.
This presumptive taxation scheme also allows the taxpayer to pay taxes at a minimum rate. Also, the entities that have opted for this scheme need not maintain the book of accounts. This scheme has been an effective tool to reduce the compliance-related burden of the small and medium taxpayers.
The business income of the person adds to the personal income of the individual, this way the tax levied on the business becomes the personal tax of the proprietor. The proprietor is entitled to all deductions that are offered to all the individuals and the Hindu Undivided Family.
IndiaFilings offers compliance-related solutions across the country, Our Compliance experts will make the whole process of Proprietorship return filing in Lakshadweep very easy. Talk to our experts today.
IndiaFilings has over 1 lakh customers and we have completed over 7 lakh services through our platform. At IndiaFilings, we take pride in the services delivered by us and guarantee your satisfaction with our services and support. We constantly improve and strive to deliver the best accounting, financial or secretarial services through the internet.
One Person Company | Nidhi Company | Company Registration | Tax Notice | Indian Subsidiary | HSN Code | Section 8 Company | Trademark Search | USA Company Registration | FSSAI Registration | Import Export Code | ESI Registration | Proprietorship | GST Return Filing | Patta Chitta | PF Registration | Payroll | Business Tax Return Filing | PF Return Filing | Eway Bill | GST Registration | TDS Filing | Udyam Registration | Trademark Registration | Startup India Registration | Professional Tax | Personal Tax Filing | Check Company or LLP name Availability
Partnership | Limited Liability Partnership | Digital Signature | Copyright Registration | Unified Portal | PAN Card Download | Nadakacheri | Flipkart Seller | Caste Certificate | IAY | EPFO Passbook | Domicile Certificate | Udyog Aadhaar | PF Withdrawal | Karnataka One | Encumbrance Certificate | Bonafide Certificate | Instant PAN Card | E PAN Card | Income Certificate | Marriage Certificate | Passport Renewal | Nivesh Mitra | MSME Registration | Experience Certificate | Trademark Status | Trade License | Domicile | eMitra | UAN | PICME | Resignation Letter Format | Ration Card | TNREGINET | RAJSSP | LLP Compliance | Form 16 | Police Clearance Certificate | OBC Certificate | Jamabandi | Mee Bhoomi | SC Certificate | UAN Login | eAadhaar Download | Linking Aadhaar To Bank Accounts | mAadhaar | Aadhaar Enrollment Centre | UAN Passbook | Amazon How to Sell | PAN Card Apply | EPFO Unified Portal
We are available