Proprietorship firms are required to maintain compliance like LLPs and Companies registered in India. Proprietorship firm compliance mainly includes filing of income tax return, while corporate entities like LLP and Company require both income tax return filing with the Income Tax Department and annual return filing with the Ministry of Corporate Affairs. In addition to the basic compliance, proprietorship firms may also be required to comply with TDS regulations, GST regulations, VAT / CST regulations, Service Tax regulations, ESI regulations and others. The compliance requirement for a business would vary based on the type of entity, industry, state of incorporation, number of employees and sales turnover.
Income Tax Filing
Income tax filing must be filed by all proprietorships having a taxable income over the exemption threshold. In some cases, tax audit would also be required.
Under the GST regime proposed to be rolled out in 2017, proprietorships having GST registration would be required to file monthly, quarterly and annual GST returns.
Quarterly TDS returns must be filed by proprietorships that have TAN and are required to deduct tax at source as per TDS rules.
ESI return must be filed by all proprietorships having ESI registration. ESI registration is required once the proprietorship employs over 10 employees.
Service Tax or VAT
In case a proprietorship firm has service tax or VAT registration, it must file the respective returns. Service tax returns are due half-yearly while VAT return due date changes from state to state.
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STEPS INVOLVED IN FIRM RELATED COMPLIANCE
Tax Return Preparation
An Monitrix Compliance Expert will prepare the Tax Return for your Proprietorship based on the financials and performance during the previous financial year.
Once the Income Tax Return is prepared in the requisite format, the Client's Finance Team can verify the prepared return and affix the digital signature.
Once the Tax Return is prepared and verified, the Return can be filed with the Income Tax Department along with the necessary attachments.
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