Propreitorship Tax Return Filing - Tax Filing

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Frequently Asked Qustion

Is trade license required for proprietorship?

Do I have to pay quarterly taxes as a sole proprietor?

Do self-employed pay taxes quarterly?

How do I pay estimated taxes for a sole proprietorship?

Propreitorship Tax Return Filing

Under Income Tax Act, all proprietors below the age of 60 years are required to file income tax return if total income exceeds Rs. 2.5 lakhs. In the case of proprietors over the age of 60 years but below 80 years, income tax filing is mandatory if total income exceeds Rs.3 lakhs. Proprietors over the age of 80 years and above are required to file income tax return if the total income exceeds Rs.5 lakhs.

Propreitorship companies need to file income tax return like llp's and companies registered in india.As proprietorship companies are considered to be one and same as the proprietor, the income tax return filing of the proprietorship firm is the same that of the proprietor.

SIMPLE & TRANSPARENT PRICING

Basic

Rs. 2999/-all inclusive fees

Income tax return filing, LEDGERS accounting software and compliance management for a proprietorship firm with a turnover of less than Rs.10 lakhs per annum.

Standard

Rs. 5999/-all inclusive fees

Income tax return filing, LEDGERS accounting software and compliance management for a proprietorship firm with a turnover of less than Rs.50 lakhs per annum.

Premium

Rs. 15999/-all inclusive fees

Income tax return filing, LEDGERS accounting software and compliance management for a proprietorship with a turnover of less than Rs.100 lakhs per annum

Reasons Register Proprietorship Company

Easy to Start

Proprietorship needs minimal registration. Therefore, it is one of the easiest form of business entity to start with minimal formalities. However, after starting up a Proprietorship, it is relatively harder to open a bank account or obtain a payment gateway in the name of the business - since more registrations like.;

Single Promoter

Proprietorship is the only type of business entity that can be registered and operated by one person. To register a one person company, a nominee Director is required and for all other types of entities like company or LLP or partnership firm, two or more promoters are required.

Easy Transferability

Ownership of a business can be easily transferred in a company by transferring shares. The signing, filing and transfer of share transfer form and share certificates is sufficient to transfer ownership of a company. In a private limited company, the consent of other shareholders maybe required to effect share transfers

Lower Taxes

Proprietorship with less than Rs. 3 lakhs of income is not required to pay any income tax, as proprietorship's are taxed as the individual owing the business. However, unlike a company or LLP, a proprietorship cannot enjoy some of the tax deductions, which could potentially increase the tax liability.