A proprietorship is not a corporate or legal entity, the proprietor and a proprietorship registered in Visakhapatnam is the same legal entity. For obtaining the proprietorship registration in Visakhapatnam 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 Visakhapatnam 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 Visakhapatnam in 5 to 7 working days.
Proprietorship firms that are registered in Visakhapatnam 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 Visakhapatnam 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.
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