Leave the hassles of the annual mandatory Income Tax filings for Proprietorships to us today!

Introduction

Proprietorship firms in India are legally indistinct from the proprietor. Under the Income Tax Act, all proprietors must file returns depending on their total income and age. They must file ITRs if –

Their age is                  Their Annual Income exceeds

Under 60                      Rupees 2.5 lakhs

Between 60 to 80         Rupees 3 lakhs

Above 60                      Rupees 5 lakhs

Mandatory Compliances

Some of the mandatory compliances that a Proprietorship must meet are –

• A tax audit (required if sales turnover of a firm is over rupees one crore over a financial year, or in cases of professional firms if the total gross receipts are over rupees fifty lakhs).

• Duly filled Forms ITR – 3 & ITR – 4 – Sugam (where applicable in the cases of a Hindu Undivided Family).