Annual Compliance - Proprietorship

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Income tax return filing, LEDGERS accounting software and compliance management for a proprietorship firm with a turnover of less than Rs.10 lakhs per annum.

Income tax return filing, LEDGERS accounting software and compliance management for a proprietorship firm with a turnover of less than Rs.50 lakhs per annum.

Income tax return filing, LEDGERS accounting software and compliance management for a proprietorship with a turnover of less than Rs.100 lakhs per annum.

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Basic
  • Yearly Bookkeeping
  • Dedicated Accountant
  • Bank Statement Reconciliation
  • Business Tax Return Filing
Standard
all inclusive fees
  • Yearly Bookkeeping
  • Dedicated Accountant
  • Bank Statement Reconciliation
  • Financial Statement Preparation
  • Business Tax Return Filing
  • GST Compliance
Premium
all inclusive fees
  • Yearly Bookkeeping
  • Dedicated Accountant
  • Bank Statement Reconciliation
  • Financial Statement Preparation
  • Business Tax Return Filing
  • GST Compliance
  • TDS Compliance

  • Business must have a turnover of less than Rs.25 lakhs
  • Tax audit if applicable will be chargeable extra

Proprietorship Tax Return Filing

Ownership firms are needed to document personal government form like LLPs and Companies enlisted in India. Since ownership firms are viewed as one and same as the owner, the personal assessment form recording of the ownership firm is a similar that of the owner. Under Income Tax Act, all owners underneath the age of 60 years are needed to record personal government form if absolute pay surpasses Rs. 2.5 lakhs. On account of owners beyond 60 80 years old however under 80 years, annual expense recording is required if all out pay surpasses Rs.3 lakhs. Owners beyond 80 years old years or more are needed to document annual expense form if the absolute pay surpasses Rs.5 lakhs. Bizcruise turns out revenue government form petitioning for a great many little and medium estimated ownership firms the nation over. Connect with an Bizcruise Tax Expert to document the annual government form for your ownership firm today.

Tax Audit for Proprietorship Firm

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.

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Due Date for Proprietorship Firm Tax Return

The personal government form of an ownership that doesn’t need review is expected on 31st July. In the event that the annual expense form of an ownership should be examined according to Income Tax Act, at that point the profit would be expected for 30th September. Ownership firms would be needed to document Form ITR-3 or Form ITR-4-Sugam. Structure ITR-3 can be recorded by an owner or a Hindu Undivided Family who is completing an exclusive business or calling. Structure ITR-4-Sugam can be recorded by an owner who might want to pay personal duty under the possible tax collection plot. Possible tax collection plot is intended to help facilitate the consistence weight of independent companies by accepting a set overall revenue on the absolute pay of the business or calling.

Proprietorship Tax Return Filing

The individual government type of a possession that needn’t bother with audit is normal on 31st July. If the yearly cost type of a possession should be analyzed by Income Tax Act, by then the benefit would be normal for 30th September. Proprietorship firms would be expected to record Form ITR-3 or Form ITR-4-Sugam. Structure ITR-3 can be recorded by a proprietor or a Hindu Undivided Family who is finishing a selective business or calling. Structure ITR-4-Sugam can be recorded by a proprietor who should pay individual obligation under the conceivable expense assortment plot. Conceivable expense assortment plot is expected to help encourage the consistence weight of free organizations by tolerating a set generally income on the outright compensation of the business or calling.

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Why Should Proprietorship Firms File Income Tax Return?

Under Income Tax Act, all owners beneath the age of 60 years are needed to document annual assessment form if all out pay surpasses Rs. 2.5 lakhs. On account of owners beyond 60 80 years old however under 80 years, annual duty documenting is compulsory if all out pay surpasses Rs.3 lakhs. Owners beyond 80 years old years or more are needed to document personal assessment form if the all out pay surpasses Rs.5 lakhs.

Additionally, just if the owner documents annual assessment form before the cutoff time, misfortunes if any in the business would be permitted to be conveyed

  • forward. Also, the deduction under sections 10A, 10B, 80-IA, 80-IAB, 80-IB and 80-IC cannot be allowed unless the proprietorship income tax return has been filed on or before the due date.

Audit for Proprietorship

A review would be needed for an ownership firm if the complete deals turnover is over Rs.1 crore during the monetary year. On account of an expert, review would be required if absolute gross receipts is more than Rs.50 lakhs during the monetary year under evaluation.

Likewise, a review would be needed for any ownership firm under possible tax assessment plot regardless of turnover if the pay asserted is lower than the considered benefits and gains under the plan.

Review for ownership for personal assessment purposes must be led by a rehearsing Chartered Accountant.

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Due Date for Filing Proprietorship Firm Tax Return

The annual assessment form of an ownership that doesn’t need review is expected on 31st July.

On the off chance that the annual assessment form of an ownership should be inspected according to Income Tax Act, at that point the profit would be expected for 30th September.

On the off chance that the ownership went into any global exchange with related elements or indicated homegrown exchange, at that point Form No.3 CEB must be outfitted. For ownership firms that are needed to document Form No.3 CEB, the personal government form is expected on 30th November.

Income Tax Return for Proprietorship Firms

For the evaluation Year 2019-20 in particular, which identifies with pay procured in Financial Year 2017-18, ownership firms would be needed to document Form ITR-3 or Form ITR-4-Sugam.

Structure ITR-3

Structure ITR-3 can be documented by an owner or a Hindu Undivided Family who is completing an exclusive business or calling.

Structure ITR-4-Sugam

Structure ITR-4-Sugam can be recorded by an owner who might want to pay personal assessment under the hypothetical tax collection plot. Possible tax collection plot is intended to help facilitate the consistence weight of independent companies by expecting a set net revenue on the all out pay of the business or calling.

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Nominee Appointment

On the off chance that a candidate becomes accountable for the one individual organization because of the end of the first part’s term inferable from the demise or insufficiency of the last mentioned, the new part should choose a chosen one as a substitution.

Filing a Proprietorship Firm Tax Return

The annual assessment form of an ownership firm in structure ITR 3 or ITR V Sugam can be recorded web based utilizing the computerized mark of the owner or physically.

On the off chance that the personal expense form is recorded physically, at that point the owner should print out two duplicates of Form ITR-V. One duplicate of ITR-V, appropriately endorsed by the owner, must be sent by normal post to Post Bag No. 1, Electronic City Office, Bengaluru–560100 (Karnataka). The other duplicate might be held by the owner for his/her records.