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Annual compliances for Proprietorship

A sole proprietorship , also known as a sole tradership, individual entrepreneurship or proprietorship, is a type of enterprise owned and run by one person and in which there is no legal distinction between the owner and the business entity.

 

  • It is compulsory  to obtain Permanent Account Number (PAN) and Tax Deduction Account Number from the Income Tax Department.
  • A proprietor ship  needs to file ITR provided it is above the maximum amount not chargeable to tax.
  • proprietor ship Firms having an annual turnover of over Rs. 100 lakhs are required to obtain a tax audit.
  • GST registration is required for businesses whose annual turnover exceeds Rs 40 lakhs ( Rs 20 lakhs for North Eastern states).
  • After GST registration firms have to file monthly, quarterly and annual GST returns.
  • proprietor ship firms are also required to file quarterly TDS returns that have TAN and are required to deduct tax at source as per TDS rules(if applicable).

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Every month payment option Available

All inclusive

Basic

Turnover up to Ruppes TWO crore

GST filing including GST9

Income tax filing of proprietor

Assistance & filing of  audit report 

Book-Keeping and Accounting are not part of this package

 

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Rs.

35000

20000

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Every month payment option Available

All inclusive

Standard

Turnover upto Rupees FIVE crore

GST filing including GST9 and GST 9C

Income tax filing of proprietor

Assistance & filing of  audit report 

Book-Keeping and Accounting are not part of this package

Apply now
card

Rs.

40000

25000

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Every month payment option Available

All inclusive

Premium

Turnover upto Rupees TEN crore

GST filing including GST9 and GST9C

Income tax filing of proprietor

Assistance & filing of  audit report 

Book-Keeping and Accounting are not part of this package

Apply now
card

Rs.

50000

30000

Frequently asked questions

Is audit compulsory for proprietorship?

What are few proprietorship compliances?

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