Business Formation Services
There is basically 2 compliance required for an individual.
1.Income tax return
2.Gst return (if he is registered under the Gst Act)
Taxpayer other than the Pvt.Ltd Companies, Opc Companies, LLp , Partnership , Ltd companied are to be called as Individual/Proprietor.
Why these compliance required for an individual/Proprietor
a) If an individual income cross the basic limit of exempted income tax limit then it is mandatory for him to file the Income tax return and if income not cross the basic limit then it is optional to him for filling the income tax return.
b) An individual who is registered under the Gst act required need to file Gst return monthly basis .
Due date for filling
a).For Income tax filling Last date for filling income tax return will be 30the July.
b).In case of Gst last date of filling is Gst3b will be next 20th of the following month.
The Proprietor must be an Indian citizen and a Resident of India. Non-Resident Indians and Persons of Indian Origin can only invest in a Proprietorship with prior approval of the Government of India.
There is no limit on the minimum capital for starting a Proprietorship. Therefore, a Proprietorship can be started with any amount of minimum capital.
It is not necessary for Proprietorships to prepare audited financial statements each year. However, a tax audit may be necessary based on turnover and other criterion.
Proprietorship firms are business entity that are owned, managed and controlled by one person. So Proprietorship firms cannot issue shares or have investors
No, the Proprietorship firm and the Proprietor are one and the same. The PAN Card of the Proprietor will be the PAN Card of the Proprietorship business.Therefore, there will be no separate legal identity for the business. The assets and liabilities of the Proprietorship business and the Proprietor will also be one and the same.