A sole proprietorship is not taxed differently the business owner has to file the tax of the business-like individual returns. A proprietor has to file the proprietorship tax returns in Mumbai as per the prevailing income tax rules. The income tax rates are however dependent on the slab rates that are applicable over his income.
Who is eligible for proprietorship tax return filing in Mumbai?
Is it necessary to carry audit while proprietorship tax returns filing in Mumbai?
Based on the annual turnover of the proprietorships must be audited. An audit is required for the proprietorship firms in the following three conditions:
If the turnover of the proprietorship firm carrying business is exceeding Rs.1 crore during the given financial year.
In the case of professional auditing is required if the total gross receipts are exceeding Rs.50 lakh.
In case if the proprietorship has opted for a presumptive taxation scheme, irrespective of the turnover an audit should be carried.
The audit of the proprietorship firms needs to be carried out by a certified chartered accountant. The CA has to ensure that all the books of accounts are maintained and complied with.
What is the due date for filing the income tax return for a sole proprietorship firm in Mumbai?
|Income tax return filing wherein the audit is required||31st July|
|Income tax return filing where the audit is required||31st October|
To file income tax returns for Proprietorships in Mumbai contact our Compliance team or visit us at www.indiafilings.com
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