Proprietorship Compliance In Lakshadweep

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.

Proprietorship Compliance In Lakshadweep FAQ's

Proprietorships in Lakshadweep must report all the profits and losses on the personal income tax, the sole proprietors are not taxed separately as such.

The proprietorships in Lakshadweep file Form ITR 3 and Form ITR 4 in Lakshadweep.

Before filing the annual returns for proprietorships in Lakshadweep all the accounting of the company should be done. Accounts finalization and preparation of the final accounts of profits and loss is to be done.

The registrar of firms charges a late filing fee in case of delay. A delay will attract a penalty of Rs. 5000 or more.

Customer Reviews For Annual Compliance - Proprietorship

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.

RAMYA D

Proprietorship Compliance
Verified Customer
22 February 2021
How can we improve?

ok

SURAJ TIWARI

Proprietorship Compliance
Verified Customer
19 December 2020
How can we improve?

Good service

MAHMOD KUDDOOS

Proprietorship Compliance
Verified Customer
05 December 2020
How can we improve?

No response

THIRUMOORTHY V

Proprietorship Compliance
Verified Customer
07 November 2020
How can we improve?

good

RAMALAKSHMI M

Proprietorship Compliance
Verified Customer
11 October 2020
How can we improve?

Ok

KHALIL K

Proprietorship Compliance
Verified Customer
16 September 2020
How can we improve?

Good

NIKHIL VENKATESH K

Proprietorship Compliance
Verified Customer
01 August 2020
How can we improve?

Nikhil Venkatesh K is Great

VAISHNAVI S

Proprietorship Compliance
Verified Customer
22 July 2020
How can we improve?

ok

Other Services

X
User

Live Chat!

We are available

You will be connected with an IndiaFilings Advisor to discuss about Annual Compliance - Proprietorship through IndiaFilings.com.

loading...