Annual Compliances of Proprietorship
Proprietorship firms needs to maintain compliances like LLP’s and companies (Public or Private limited company). Proprietorship firm compliance mainly includes income tax return filing whereas LLP & companies needs to submit both the reports – Income tax return filing to the income tax department and annual filing to the ministry of corporate affairs. Sole proprietorship firms also need to comply with TDS regulations, GST regulations, ESI regulations etc.
Starting From ₹ 5000
Get Enquirer Now
Pricing & Packages
Take your business to the next level! Superior services!! Proven results!!
Basic
Proprietorship Firm with a Turnover of less than Rs.10 lakhs per Annum
₹ 5000
- Income Tax Return Filing
- Compliance Management
- 24/7 Mail Support
Standard
Proprietorship Firm with a Turnover of less than Rs.50 lakhs per Annum
₹ 10000
- Income Tax Return Filing
- Compliance Management
- 24/7 Mail Support
Premium
Proprietorship Firm with a Turnover of less than Rs.100 lakhs per Annum
₹ 15000
- Income Tax Return Filing
- Compliance Management
- 24/7 Mail Support
Proprietorship is a type of business entity, that is managed, controlled or run by one person. They are the most common form of business in India. It is quite easy to start a proprietorship, as it requires minimal regulatory compliances. The annual compliances of a sole proprietorship firm involves, the complete holding of your annual requirements. At All India ITR we will provide you full assistance about, how to draft a contract, appoint an auditor, legal agreements and other secretarial services.
Prices may differ according to your annual sales/ turnover. You will be intimated about the price applicable to you by our tax experts, during the time of consultancy.
Services covered under this plan :-
- TDS Return Filing
- Filing Income Tax Return
- GST Compliances
- Drafting of Financial Statements
- Purchase / sale Invoices
- Expense invoices
- Copy of TDS challans deposited
- Copy of TDS Returns(if any)
- Bank Statement from 1 April to 31 March for all bank accounts in the name of Proprietor
- Credit Card Statements if Expenses are incurred by Proprietor on behalf of Proprietorship
There is no capital limit as such to start a Proprietorship. That’s the reason why, you can start a Proprietorship with any capital amount.
Proprietorship firms are controlled and managed by a single person and therefore they can issue shares or have investors.
Proprietorship firms do not necessarily prepare audited financial statements each year. However, a tax audit may be required when the businesses have annual turnover of more than Rs. 1 Crore, those who provide profession services under their proprietorship are supposed to get their accounts audited if their annual turnover is more than Rs. 50 Lakhs.
No, the Proprietorship firm and the Proprietor have same legal identity. The PAN Card of the Proprietor will be the PAN Card of the Proprietorship. Moreover, there will be no separate legal identity for the business. The assets and liabilities of the Proprietorship and the Proprietor will also be the same.