Annual Compliances For Proprietorship

What is the annual compliances for an Individual/Proprietor.

There is basically 2 compliance required for an individual. 1.Income tax return
2.Gst return (if he is registered under the Gst Act)
a).Gstr3b monthly
b).Gstr1 quarterly/monthly
c).Gstr9 monthly

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.

Documents Required For Annual Compliances For Proprietorship

  1. Invoices of Purchases and Sales during the year
  2. Invoices of expenses incurred during the year
  3. Credit Card Statements if Expenses are incurred by Proprietor on behalf on Company
  4. Bank Statements from 1 April to 31 March for all bank accounts in the name of firm
  5. Copy of VAT or Service Tax returns filed (If Any)
  6. Copy of TDS Challans Deposited (If Any)
  7. Copy of TDS Returns filed (If Any)

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Our Packages

Income Tax Return of firm
₹ 11800
  • Package Includes
  • Income Tax Return
Income Tax Return with Tax Audit
₹ 35400
  • Package Includes
  • Income Tax Return
  • GST Compliances
  • Tax Audit
GST Compliances
₹ 23600
  • Package Includes
  • Income Tax Return
  • GST Compliances

Process Involved

STEP 1

Documentation

STEP 2

Service Tax Returns

STEP 3

VAT Returns

STEP 4

Finalization of Balance Sheet

STEP 5

Income Tax Return

STEP 6

Tax Audit

Faq's

What are the requirements to be a Proprietor? Show Answer Show Less

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.

what is the capital required to start Propritorship? Show Answer Show Less

There is no limit on the minimum capital for starting a Proprietorship. Therefore, a Proprietorship can be started with any amount of minimum capital.

Is audit required for Proprietorships? Show Answer Show Less

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.

Can other people invest in proprietership? Show Answer Show Less

Proprietorship firms are business entity that are owned, managed and controlled by one person. So Proprietorship firms cannot issue shares or have investors

does Proprietorship have a separate legal identity? Show Answer Show Less

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.

Income Tax Return of firm

Package Includes

  • Income Tax Return

11800

Income Tax Return with Tax Audit

Package Includes

  • Income Tax Return
  • GST Compliances
  • Tax Audit

35400

GST Compliances

Package Includes

  • Income Tax Return
  • GST Compliances

23600