Proprietorship firms are required to file income tax return each year if taxable income is more than Rs.2.5 lakhs. IndiaFilings offers an easy process for filing proprietorship tax return from Rs.5899/-
From Rs.5899 /- all inclusive fees
EMI: Rs.527 for 12 months*
Proprietorship firms are required to file income tax return like LLPs and Companies registered in India. Since proprietorship firms are considered to be one and same as the proprietor, the income tax return filing of the proprietorship firm is the same that of the proprietor. Under Income Tax Act, all proprietors below the age of 60 years are required to file income tax return if total income exceeds Rs. 2.5 lakhs. In the case of proprietors over the age of 60 years but below 80 years, income tax filing is mandatory if total income exceeds Rs.3 lakhs. Proprietors over the age of 80 years and above are required to file income tax return if the total income exceeds Rs.5 lakhs. IndiaFilings provides income tax return filing for thousands of small and medium sized proprietorship firms across the country. Get in touch with an IndiaFilings Tax Expert to file the income tax return for your proprietorship firm today.
An audit would be required for a proprietorship firm if the total sales turnover is over Rs.1 crore during the financial year. In the case of a professional, audit would be required if total gross receipts is more than Rs.50 lakhs during the financial year under assessment. Also, an audit would be required for any proprietorship firm under presumptive taxation scheme irrespective of turnover if the income claimed is lower than the deemed profits and gains under the scheme.
The income tax return of a proprietorship that doesn’t require audit is due on 31st July. In case the income tax return of a proprietorship needs to be audited as per Income Tax Act, then the return would be due on 30th September. Proprietorship firms would be required to file Form ITR-3 or Form ITR-4-Sugam. Form ITR-3 can be filed by a proprietor or a Hindu Undivided Family who is carrying out a proprietary business or profession. Form ITR-4-Sugam can be filed by a proprietor who would like to pay income tax under the presumptive taxation scheme. Presumptive taxation scheme is designed to help ease the compliance burden of small businesses by assuming a set profit margin on the total income of the business or profession.
Your proprietorship will be assigned a dedicated Compliance Manager who will be a single point of contact to help you maintain the compliance for your proprietorship. You can get in touch with your Compliance Manager at anytime and get assistance on matters related to your proprietorship’s compliance.KNOW MORE
Proprietorships are required to maintain accounts and prepare financial statements at the end of each financial year. Our Compliance Manager will help maintain accounts and will prepare the financial statement for your Proprietorship at the end of financial year.
Income tax return of a proprietorship must be filed at the end of each financial year. Based on the nature of business activity, our Compliance Manager will prepare all the documents and file your proprietorship tax return.
GST return must be filed by all entities having GST registration. In case your proprietorship has GST registration, our Compliance Manager can help you file GST returns at an additional cost based on volume.
TDS return must be filed by all entities required to deduct tax at source and having TAN registration. If your proprietorship has TAN registration, our Compliance Manager can help file TDS return at an additional cost.
Identity and address proof will be required for all directors and shareholders of the company to be incorporated. In case of Indian nationals, PAN is mandatory. For foreign nationals, apostilled or notarised copy of passport must be submitted mandatorily. All documents submitted must be valid. Residence proof documents like bank statement or electricity bill must be less than 2 months old.
All companies must have a registered office in India. To prove access to the registered office, a recent copy of the electricity bill or property tax receipt or water bill must be submitted. Along with the utility bill, rental agreement or sale deed and a letter from the landlord with his/her consent to use the office as a registered office of a company must be submitted.
Income tax return filing and compliance management for a proprietorship firm with a turnover of less than Rs.10 lakhs per annum.
From Rs.5899 /- all inclusive fees
EMI: Rs.527 for 12 months*
Income tax return filing and compliance management for a proprietorship firm with a turnover of less than Rs.50 lakhs per annum.
From Rs.12899 /- all inclusive fees
EMI: Rs.1152 for 12 months*
Income tax return filing and compliance management for a proprietorship with a turnover of less than Rs.100 lakhs per annum.
From Rs.19899 /- all inclusive fees
EMI: Rs.1777 for 12 months*
IndiaFilings.com can help file the mandatory filing for your Proprietorship firm and maintain annual compliance.
Got questions? Request a call from an IndiaFilings Business Advisor.Let's talk!
An IndiaFilings Compliance Expert will prepare the Tax Return for your Proprietorship based on the financials and performance during the previous financial year.
Once the Income Tax Return is prepared in the requisite format, the Client's Finance Team can verify the prepared return and affix the digital signature.
Once the Tax Return is prepared and verified, the Return can be filed with the Income Tax Department along with the necessary attachments.
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