Proprietorship firms have to file income tax returns like LLPs registered in India and companies. Since proprietorship firms are considered as another proprietor, income from the proprietorship firm is an income tax filing proportion. Under the Income Tax Act, all owners below the age of 60 years are required to file income tax returns when the total income exceeds Rs. 2.5 lakhs In the case of ownership of more than 60 years of age, but income tax filing is mandatory under the age of 80 years, if the total income is more than Rs.3 lakhs. Supporters of the age of 80 years and above need to file income tax returns if the total income is Rs. More than 5 million. eMindsCA.com filing income tax returns for thousands of small and medium-sized proprietary firms across the country. Keep in touch with the eMindsCA.com Tax Expert to file income tax returns for your proprietorship firm today.
Tax audit for proprietorship firm
If total sales turnover during the financial year is more than one crore rupees, then a proprietorship firm will need to audit. In case of a professional, audit will be required if the total gross receipts during the financial year are more than Rs 50 lakhs under evaluation. In addition, according to the estimate, any proprietorship firm will need an audit, even if the claimed income is less than the benefits and benefits under the scheme.
Due date for the tax return of proprietary firms
There is no income tax return for proprietorship for audit on July 31. If income tax returns of a proprietorship are required according to the income tax act according to the income, then the return will be on September 30. Proprietorship firms need to submit Form ITR-3 or Form ITR-4-Easy access. Form ITR-3 can be filed by a proprietor or a Hindu undivided family who is doing a proprietary business or profession. Form ITR-4-accessible can be filed by a proprietor, who wants to pay income tax under presumed taxation plan. The presumed taxation plan is designed to help reduce the compliance burden of small businesses, assuming a fixed profit margin on business or profession’s total income.
Reasons for Major Complaints for a Proprietary Ship
Your ownership will be assigned a dedicated compliance manager, which will be a point of contact to help you maintain your ownership compliance. You can come in contact with your Compliance Manager at any time and get help on matters related to your ownership compliance.
Proprietorship is required to maintain accounts and to prepare financial statements at the end of each financial year. Our compliance manager will help maintain accounts and prepare financial statements for your proprietary shirts at the end of the financial year.
Filing Income Tax Return
At the end of each financial year, income tax returns of a proprietorship should be filed. Based on the nature of business activity, our compliance manager will prepare all the documents and file a tax return on your ownership.
GST Return Filing
GST Returns should be filed by all institutes having GST registration. If you own a GST registration, then our compliance manager can help you file a GST return at an additional cost depending on the volume.
TDS Return Filing
TDS returns should be filed by all the entities required for tax deduction and tan registration at source. If you own a TAN registration, then our compliance manager can help to get the TDS back at an additional cost.
How we help with proprietorship firm compliance
eMindsCA.com can help file the mandatory filing for your proprietorship firm and maintain annual compliance.
Got questions? Request a call from an eMindsCA.com Business Advisor
Tax Return Preparation
An eMindsCA.com Compliance Expert will prepare the tax return for your proprietorship based on the financials and performance during the previous financial year.
Once the Income Tax Return is ready in the required format, the Client’s Finance Team can verify the prepared return and affix the digital signature.
Once the Tax Return is prepared and verified, the return can be filed with the Income Tax Department with the necessary attachments.
Creative Financial Management
Assets Under Management
Frequently Asked Questions
Using this section, get all the clarifications for your questions and doubts about auditing, finance, and investments. We love to clarify your doubts and get you back to your business real quick with more confidence.
Outsourcing allows you to focus on your main business, not your support departments. Outsourcing gives your company access to a high level of expertise, where you will be able to spend normally.
Cost effectiveness– The salary of professionals is significantly lower than in North America and Europe. This wage turns into difference cost savings.
24/7 operation – Offshore development facilities located in India are in the perfect time zone to help you operate 24/7.
Large pool of talent– Retraining experienced staff becomes difficult when they are given boring and repetitive work. India offers you a cost effective talent pool that you can tap for reliable service delivery.
Best Practices– High focus on improvement in quality and continuous process, offshore development centers work on high level efficiency, forecast and reliability. High level maturity reduces risk and provides significant benefits while managing service level agreements.
Bookkeeping & Accounting
AR follow-up – Aging analysis and reports
Bank/credit card reconciliations
P&L, Balance sheet and other regular reports
Preparation of Tax returns
Insurance Accounting Services