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Proprietorship Annual Compliance

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Get Proprietorship Annual Compliance Through CS Filing Online Pvt. Ltd

Similar to another form of business, Proprietorship firm also compulsorily need to adhere to various compliances. Proprietorship firms have less compliance as compared to a public limited company or private limited firms. The reason for lesser compliances is that a sole proprietorship doesn’t have an independent legal body from its Proprietor or owner. The yearly income of the Proprietor is considered as the income of the Proprietorship firm.

Therefore, contrary to other company registration such as public limited companies and public limited companies registered under the Ministry of Corporate Affairs, Proprietorship firms don’t have to submit any financial record and annual report with the MCA. The significant and core legal compliance of proprietorship firms is tax compliances which may be quarterly or annually. However, other intermittent and yearly compliances are also needed to make your business authorized and legal. Hence the essential compliances of Proprietorship firms in India are highlighted beneath:

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Accounting & Book Keeping

Every Proprietor must keep track of financial statements, balance sheets, ledgers, preparation of profit and loss account before the closing of every financial year.

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GST Return Filing

Proprietorship firm that holds GST Registration must file GST returns timely. One can file GST Returns based on monthly, quarterly and yearly.

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Income Tax Return Filing

All Proprietorship firms must file the Income-tax return on their taxable income after the tax rebate limit is surpassed. If the turnover of the proprietorship surpasses 1 crore, it is mandatory to conduct a tax audit.

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TDS Return Filing

Proprietorship firms that obtain TAN must deduct tax at the source prescribed by the TDS laws.

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How CSFiling Can Assist in Proprietorship Firm Annual Compliancet

CSFiling is one of India’s emerging and credible business registration forums, providing multiple solutions and services, including Proprietorship annual compliance, company registration, Income tax return filing, GST registration and GST return filing, and trademark registration many more. We have occupied with industry gems, and we feel happy to support our customers in maintain Proprietorship compliance. Schedule a meeting with a CSFiling representative and get the best advice and support in every sort of service mentioned above.

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