Annual Compliances For Proprietorship
Easy & Hassle Free Online Process
Dedicated Expert & Account Manager
Advisory Session From Experts
Who are the Individual/Proprietor
Taxpayer other than the Pvt.Ltd Companies, Opc Companies, LLp , Partnership , Ltd companies are to be called as Individual/Proprietor.
Why these compliance required for an individual/Proprietor
Due dates for filling Compliances
Our Packages
- Income Tax Return
GST Compliances
- Income Tax Return
- Tax Audit
- Income Tax Return
- GST Compliances
Documents Required For Annual Compliances For Proprietorship
Process Involved
STEP – 1
Documentation
Required documents are provided by client
STEP – 2
GST Returns
Checking GST Returns reconciling with bank statements and books of Accounts
STEP – 3
VAT Returns
Checking VAT returns and reconciling with bank statements and books of Accounts
STEP – 4
Finalization of Balance Sheet
Balance Sheet and Profit and Loss is finalized based on data provided
STEP – 5
Income Tax Return
Income tax return is filed based on Prepared Balance Sheet
STEP – 6
Tax Audit
Tax Audit is done for those where turnover exceed 50 lakhs and 2 Crores (Charges Extra)
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FAQs
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.