Reasons to Major Compliances for a Proprietorship
Income Tax Filing
Income tax filing must be filed by all proprietorships having a taxable income over the exemption threshold. In some cases, tax audit would also be required.Know More IMPORTANT
Under the GST regime proposed to be rolled out in 2017, proprietorships having GST registration would be required to file monthly, quarterly and annual GST returns.
Quarterly TDS returns must be filed by proprietorships that have TAN and are required to deduct tax at source as per TDS rules.
ESI return must be filed by all proprietorships having ESI registration. ESI registration is required once the proprietorship employs over 10 employees.
Service Tax or VAT
In case a proprietorship firm has service tax or VAT registration, it must file the respective returns. Service tax returns are due half-yearly while VAT return due date changes from state to state.