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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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
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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
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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
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Rs.
50000
30000
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