A proprietorship is not a corporate or legal entity, the proprietor and a proprietorship registered in Nagpur is the same legal entity. For obtaining the proprietorship registration in Nagpur the proprietor must have PAN and other documents. The proprietor is held personally liable in case of any liabilities in the business.
The whole procedure to register a proprietorship in Nagpur can be completed online you will just have to upload the following documents:
Identity Proof-Aadhar Card and PAN Card
Address proof-Latest Bank statement
Passport Size Photograph of the applicant
We can help you register for a Proprietorship in Nagpur in 5 to 7 working days.
Proprietorship firms that are registered in Nagpur are required to file Form ITR 3 or ITR 4 Sugam.
Form ITR 3
Form ITR 3 can be filed by the proprietor or a Hindu Undivided Family that is carrying out a proprietary business or a profession.
Form ITR 4
Form ITR 4 Sugam is filed by the proprietorship registered in Nagpur who is willing to pay income tax under the presumptive taxation scheme. A presumptive taxation scheme is designed to help the compliance burden of the small businesses by assuming a set profit margin on the business or the profession’s total income.
The income tax returns for a proprietorship firm can be filed online using the proprietors’ digital signature in Form ITR 3 and ITR V.
Just like the Limited Liability Partnerships and the Private Limited Companies the proprietorships are required to file the income tax returns. As the proprietor and the proprietorship are considered to be the same they just need to file the Income-tax returns.
All the proprietors below the age of 60 will have to file Income tax returns in case if the income is exceeding Rs. 2.5 lakh. If the proprietor is over 60 and below 80 then he has to file ITR only if the income is exceeding Rs 3 lakh.
Proprietors over the age of 80 need to filed ITR if the income is exceeding Rs 5 lakh.
Is audit required for proprietorship?
An audit is required for the proprietorship firms if the total sales are more than Rs.1 crore during a given financial year. If the firm is opting for a presumptive taxation scheme then an audit is required irrespective of the income. This audit is to be carried out by a practicing chartered accountant.
IndiaFilings has over 1 lakh customers and we have completed over 7 lakh services through our platform. At IndiaFilings, we take pride in the services delivered by us and guarantee your satisfaction with our services and support. We constantly improve and strive to deliver the best accounting, financial or secretarial services through the internet.
One Person Company | Nidhi Company | Company Registration | Tax Notice | Indian Subsidiary | HSN Code | Section 8 Company | Trademark Search | USA Company Registration | FSSAI Registration | Import Export Code | ESI Registration | Proprietorship | GST Return Filing | Patta Chitta | PF Registration | Payroll | Business Tax Return Filing | PF Return Filing | Eway Bill | GST Registration | TDS Filing | Udyam Registration | Trademark Registration | Startup India Registration | Professional Tax | Personal Tax Filing | Check Company or LLP name Availability
Partnership | Limited Liability Partnership | Digital Signature | Copyright Registration | Unified Portal | PAN Card Download | Nadakacheri | Flipkart Seller | Caste Certificate | IAY | EPFO Passbook | Domicile Certificate | Udyog Aadhaar | PF Withdrawal | Karnataka One | Encumbrance Certificate | Bonafide Certificate | Instant PAN Card | E PAN Card | Income Certificate | Marriage Certificate | Passport Renewal | Nivesh Mitra | MSME Registration | Experience Certificate | Trademark Status | Trade License | Domicile | eMitra | UAN | PICME | Resignation Letter Format | Ration Card | TNREGINET | RAJSSP | LLP Compliance | Form 16 | Police Clearance Certificate | OBC Certificate | Jamabandi | Mee Bhoomi | SC Certificate | UAN Login | eAadhaar Download | Linking Aadhaar To Bank Accounts | mAadhaar | Aadhaar Enrollment Centre | UAN Passbook | Amazon How to Sell | PAN Card Apply | EPFO Unified Portal
We are available