Annual Compliance

Proprietorship firm Annual Compliances:

comprise usually INCOME TAX RETURN of the firm. Here it is noteworthy that Proprietorship firm and owner of the firm are the same person. A proprietorship firm does not assume a separate identity.

INCOME TAX RETURN – the proprietor/ individual income cross the basic limit

GST RETURN - Apart from Income tax return, if Proprietorship firm have registration under GST, in that case Individual/Proprietor have to comply with annual compliances of GST.

TDS RETURN – TDS Return must be filed by Proprietorship/individual, having TAN and shall deduct Tax at source as per rules of TDS.

ESI RETURN – ESI Return must be filed by Every Proprietor/ Individual having registration of ESI if number of employees in that firm are more than 10 people.

VAT / SERVICE TAX – VAT OR Service tax return must be filed if Proprietor/ Individual have registration of the same.

Due Date Of Filing –  Income Tax return filing Due Date for Individual/ proprietor

 GST Return are filed periodically as per Gst guidelines.

 TDS return is filed quarterly and due date of first quarter is 31st july, second quarter is 30th October, third quarter is 31th January , and fourth quarter is 30th April.  ESI return is filed half yearly and annually.

 Service Tax return is filed in half yearly mode and VAT return due date is changed state wise.

Required Document –

 Invoices of purchases and sales during the year.

 Invoices of expenses incurred during the year.

 Bank statements from 1st April to 31ts March for all bank accounts in the name of the firm.

 Credit card statement if expenses are incurred by proprietor on behalf of the company.

 Copy of GST returns filled (If Any)

 Copy of TDS return filled (If Any)

 Copy of TDS Challan filled (If Any)

 Copy of ESI Return Filled (If Any)

 Any other supporting documents, if required

Compliance Filing Process-

 Documentation.

 Tax Return Preparation.

 Justification.

 Return Filing.

SERVICE PROVIDED & PROCESS

• Documentation

• GST Compliances (if Any)

• Income Tax Return

• TDS Return filing(if Any)

• Drafting of Financial Statements

• Tax Return Preparation

• Justification

• Return Filing

CHOOSE REQUIRED PLAN:

Basic: Income Tax Return Filling and Other Business Compliances upto turn over less than 15 Lacs. Service Fees- 9999/-

Standard: Income Tax Return Filling and Other Business Compliances upto turn over less than 60 Lacs. Service Fees- 14999/-

Ace: Income Tax Return Filling and Other Business Compliances upto turn over 1 crore. Service Fees- 19999/-

* Prices may differ according to your annual sales/ turnover. You will be intimated about the price applicable to you by our tax experts, during the time of consultancy.

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Frequently Asked Question (FAQ’S)-

What are the requirements to be a Proprietor?

• 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 Proprietorship?

• 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?

• 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?

• 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?

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.