COMPANY ADDA Posted: June 7, 2023 |
Effortless Proprietorship ITR Filing: All that You Must KnowA Sole Proprietorship Registration must also pay their returns on time just like other firms such as LLP Registration, Pvt. Ltd. registration, etc. According to the law, the proprietorship and the proprietor are assumed to be single units. Therefore, the laws that administer the returns of the proprietor’s income tax return filing in Delhi NCR also apply to the proprietorship.
The Significance of Filing ITR for a Proprietorship Firm
Necessary Documentation for Proprietorship ITR FilingThe following are the required documents for ITR filing for Proprietorship Firm:
How to File ITR for Proprietorship Firm?Filing ITR for Proprietorship Firm is very critical and important, and must be filed every year without fail. To file the ITR for proprietorship, the E-sign of the owner is used. All the documents mentioned above are required along with two different forms which are based on the type of proprietorship; those two forms are the ITR 3 Form and the ITR 4 Form. Deadline for Filing ITR for Proprietorship
Presumptive Taxation SchemeTo help small businesses and professionals file their ITRs easily, the Indian government introduced this scheme. If the annual turnover of the company is less than two crore rupees, then the businesses are eligible for a presumptive taxation scheme. The Benefits of This Scheme Are:
Whenever a proprietorship is subjected to any presumptive tax scheme, an audit is necessary, despite yearly turnovers. Also, according to the Income Tax Act of 1961, the audit of the proprietorship must be done by a licensed Chartered Accountant. In Conclusion, we would like to recommend that you must hire a Tax Consultant in Noida to help you in your ITR filing for proprietorship.
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