Taxation for Proprietorship Firm Compliances

NeuSource Startup

If you are the proprietor of a sole proprietorship company then there are certain compliances that you need to fulfil in order to continue working smoothly. The compliance requirement for businesses varies from organization to organization depending upon various factors like the type of industry that you are working in, the entity, the state of incorporation, the sales turnover of your business, etc. Here is NeuSource Startup Minds give you information about Proprietorship Firm Compliances Process Online.

However, there are some common and major compliances that need to be fulfilled by almost all the sole proprietorship companies. These include-

  • Filing the tax return annually.
  • Filing the GST return if your business is registered in GST.
  • Deduct and file TDS return, if liable for a tax audit.

Reasons to major compliances

  • Income tax filing

If you are a sole proprietorship then the one compliance that you need to take care of is the income tax. You need to ensure to file your income tax return if you have a taxable income that is over the exemption threshold. In case you have a big proprietorship business operating successfully then even a tax audit can be needed.

  • GST Filing

The Goods and Income Tax law that came into effect in 2017 is an indirect tax. This tax is a comprehensive, destination-based, multi-stage tax that is imposed on the supply of goods and services. Under it, the proprietor who has a GST registration is needed to file his/her GST return on a monthly, quarterly or annual basis.

  • TDS Filing

It is mandatory for the sole proprietors to deduct and then file the TDS return if they are liable for a tax audit. The proprietors that have TAN have to file their TDS returns quarterly and to deduct tax at source as required by the TDS laws.

How can we help in Taxation for Proprietorship Firm Compliances?

We aid the sole proprietors by helping them in filling the mandatory returns and by assisting them in maintaining annual compliance. We offer this assistance by-

  • Tax return preparation

We can help you by offering you an expert who can prepare your tax returns for you on the basis of your financial records and your performance during the past financial year.

  • Verification

One we have got your income tax return handled and prepared in the requisite format, after that your finance team can verify the return and affix the digital signature of your company on the documents.

  • Filing

After the return has been prepared and verified in the next step it can be filed with the Income Tax Department along with all the needed documents.

Why choose us?

  • We offer you a dedicated and experienced team that is more than capable of handling your tax, GST and TDS returns.
  • In case of any doubts or grievances, our team is always ready to offer any verifications or help needed by our clients.
  • Our mission is to help an entrepreneur in abiding by legal and regulatory requirements as required by the law and we take our jobs very seriously.

So, if you are a sole proprietor who is looking for assistance in filing returns, then hurry and contact us soon!


Contact:- 7305145145

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