Proprietorship Tax Return Filing In Palakkad

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 Palakkad 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 Palakkad?

1. 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 Palakkad.
2. Proprietors who are above 80 years of age are required to file the proprietorship tax returns in Palakkad if the income of the proprietor is exceeding Rs.5 lakh.
3. 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 Palakkad has been filed on or before the due date.

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

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 Palakkad?

To file income tax returns for Proprietorships in Palakkad contact our Compliance team or visit us at www.indiafilings.com