Annual Compliances of Proprietorship Firm

starterSILVER

  • Professional Fees
  • ITR Filling (1 Year)
  • Balance Sheet, P&L (1 Year)
  • Detail Quotation

STARTING

₹ 10,000 ₹ 4,999

All inclusive price

Have Queries?

Talk to expert

Have Queries? Talk to expert


Email

Mobile


starterSILVER

  • Professional Fees
  • ITR Filling (1 Year)
  • Balance Sheet, P&L (1 Year)
  • Detail Quotation

STARTING

₹ 10,000 ₹ 4,999

All inclusive price


Registration Process

process

Regularly maintain proper books of accounts.

process

Preparation of filing of annual balance sheet.

process

Comply with all the GST requirements.

process

Filing of income tax returns to the income tax department.

Documents Required

document Invoices of
purchase/sale.
document Invoices of
expense.
document Deposited copy of
TDS challans.
document TDS Returns copy
(if available)
document GST return filing
copy
document Bank Statement (1
April - 31 March)
for all bank
accounts of the
proprietor.
document Credit card
statements if
expenses that a
proprietor has
incurred on behalf
of his business.

Basic Requirements

The person registered under the GST is required to file monthly GST returns.

Proprietor's personal income exceeds the limit of exemptions, it becomes mandatory to file IT Return

GST Filing

As per the GST regime propounded in 2017, The proprietor registered under GST must file annual GST returns monthly and quarterly.

ESI Returns

All the proprietorships having ESI registration need to file ESI returns. The registration of ESI is compulsory once the proprietor firm hires more than 10 employees in the business.

TDS Filing

The proprietorship with TAN is eligible for deducting tax at source with reference to TDS rules.

Service Tax or VAT

When the business has registered itself for service tax and VAT, it has to file returns for the same compliances. Service tax is paid at intervals of six months, while the due date of paying VAT changes from time to time.

What are the legal compliances the sole proprietor has to fulfill?

1. The owner has to apply for PAN in case he does not have one. 2. Next, he has to determine the name of his business. 3. No formal registeration is required. Instead, a proprietor needs to open a current bank account. 4. A sole proprietor can also register his business Small and Medium Enterprise (SME) under MSME Act to avail of many benefits. 4. The business can register itself under GST if the turnover is more than Rs 20 lakh. 5. Shop and establishment registration can also be performed.

The estimate of expenses for above is

SILVER

₹ 10,000 ₹ 4,999

  • Professional Fees ₹ 4999
  • ITR Filling (1 Year) ₹ 0
  • Balance Sheet, P&L (1 Year) ₹ 0
Request a Call Back

Instructions

The last date for filing GST is the 20th of the following month.

Instructions

Late filing of income tax returns for sole proprietorship will lead to the penalty of 200 Rs per day.

Frequently Asked Question

Sole proprietorship business complies with all the rules of income tax, TDS, GST, and ESI regulations.

No, it is not required. Tax audit requirement depends on the annual turnover of the business.

The penalty for late filing or non-filing of income tax return is Rs. 200 per day.

The deadline for filing annual tax returns is 30th July.

Why Ease2Bizz?

First of all, our team completes the entire process in less than 10 days because of its skills and knowledge. Also, working with the best talents of the market, we closely keep a tab on all the amendments made to various laws. We also make it a point to keep you updated with all kinds of compliances. We also inform you about all the requirements on time.

Our Network Partners

To magnify our results and facilitate the ease of doing business, we always try to work with
other Network Partners. Have a look at them:

client Logo
client Logo
client Logo
client Logo
client Logo
client Logo
client Logo
client Logo
client Logo
client Logo
client Logo
client Logo
client Logo
client Logo
client Logo
client Logo
client Logo
client Logo
client Logo
client Logo
client Logo
client Logo
client Logo
client Logo

Testimonials

Let our consumers’ reviews shed a little more light on our services!

quote

You can forget about all compliance once you choose Ease2Bizz. They have prompt and professional services, I will definitely recommend it to others.

Mr. Amol Turkhade
Innoway Technologies (Director)
quote

I literally had my company registered in 5 days. I couldn't have been any more satisfied.

Dr.Santosh Kakade
Core India Institute of Legal Medicine Pvt Ltd (Director)
quote

Highly professional services, I will recommend to everyone!

Mr. Yash Rane
CHIZEL PRINTS MANUFACTURING PRIVATE LIMITED (Founder)
quote

Highly professional services, I will recommend to everyone! They have commendable services, I really loved their work.

Mr. Nikhil Gunjal
VERTEX SAFETY PRODUCTS PRIVATE LIMITED (Director)
quote

For the past few years, I was having issues focusing on my core business. Then Ease2Bizz helped me with my focus and now we are not only growing but more importantly working with our ideal clients!

Sachin Malpani
Bake-lite Food Processing Pvt Ltd (Director)

More Questions? Seek Help of an Expert