Regularly maintain proper books of accounts.
Preparation of filing of annual balance sheet.
Comply with all the GST requirements.
Filing of income tax returns to the income tax department.
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
As per the GST regime propounded in 2017, The proprietor registered under GST must file annual GST returns monthly and quarterly.
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.
The proprietorship with TAN is eligible for deducting tax at source with reference to TDS rules.
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.
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.
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.
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.
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:
Let our consumers’ reviews shed a little more light on our services!
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I literally had my company registered in 5 days. I couldn't have been any more satisfied.
Highly professional services, I will recommend to everyone!
Highly professional services, I will recommend to everyone! They have commendable services, I really loved their work.
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!