Annual Compliance - Proprietorship

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Complete By* : 25-MAR-2023

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Proprietorship Tax Return Filing In Mathura

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 Mathura 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 Mathura?

All the proprietors below the age of 60 with an income of more than Rs.3 lakh need to do the proprietorship tax return filing in Mathura.
Proprietors who are above 80 years of age are required to file the proprietorship tax returns in Mathura if the income of the proprietor is exceeding Rs.5 lakh.
If the proprietor is filing the income tax returns before the deadline and in case if there are any losses then losses can be carried forward. The deduction under Section 10A, 10B, 801A,801B, 801C will be permitted only after the proprietorship return filing in Mathura has been filed on or before the due date.

Is it necessary to carry audit while proprietorship tax returns filing in Mathura?

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 Mathura?

Particulars	Due date
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 Mathura contact our Compliance team or visit us at www.indiafilings.com

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FAQ's

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

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

Before filing the annual returns for proprietorships in Mathura 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.

25 March 2023

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