Annual Compliance for Proprietorship
Don’t worry about messy paper work and running to various government departments for your Business Income Tax Return Fillings. Streamline your business operations with our specialized annual compliance for proprietorship in India and expert proprietorship firm tax return filing service.
We understand the intricacies of Indian tax regulations and offer tailored solutions to meet your needs. Entrust us with your annual compliance and tax filing, and we’ll handle the complexities while you enjoy peace of mind and financial stability. Just onboard with us and relax. Our experts will handle end to end process and provide you with timely updates.
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2. Talk To Our Expert
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Learn more about Business Income Tax Return Fillings
Business Income Tax Return Fillings
ExpertPoint’s Income Tax Services offers tax related planning and compliance assistance to individuals and Business in India and USA.We assist individual clients needing a wide range of tax services including tax planning and advice relating to Tax impacts, business interests, capital gains, etc.
Simplify your business’s financial management with our specialized annual compliance services for proprietorship in India and our expert proprietorship firm tax return filing service. Our dedicated team understands the nuances of Indian tax regulations and offers tailored solutions for your specific needs. By entrusting us with your annual compliance and tax filing, you can focus on growing your business, confident that all legal requirements are being met seamlessly.
Our tax practice has been meeting in many aspects of tax return preparation by keeping up the ever-changing complex tax code and look for opportunities for you to maximize your deductions and tax credits.
ExpertPoint is a Government Approved firm in Chennai, TamilNadu led by the industry’s best Chartered accountants, Company Secretaries, Corporate Lawyers who have helped many people file their income tax returns.
At Expert Point, we specialize in comprehensive financial and legal support services. Ensure annual compliance for your private limited company and annual Compliance for LLP with our Team. Simplify complex processes such as ROC compliance and income tax return filing for partnership firms. Trust us to streamline your corporate obligations with precision.
- Sales and Purchase invoices
- Goods and Services Tax (GST) returns filed for the financial year
- Bank statements and loan statements.
- Form 16 – Part A and Part B issued by the employer. If not available, Salary slip will be required (Optional)
- 80C and 80D Investment details such as Life Insurance, Health Insurance, Tuition Fee Receipt, Housing Loan Interest and Principal Repayment Certificate, PPF investments etc., (Optional)
- Profit and Loss statement from securities broker to determine capital gains from investment in shares. (Optional)
Eligibility – Who should file returns
- All individuals whose gross total income for the financial year exceeds the minimum threshold limit ie. Rs.2.5 Lakhs. This limit is Rs 3 lakh for senior citizens (aged above 60 but less than 80) or Rs 5 lakhs for super senior citizens (aged above 80)
- Individuals who wish to receive refund on excess tax paid or withheld taxes ie. TDS
- Individuals applying for a personal, home loan etc.
- If losses under a head of income have to be carried forward
Further the following individuals are mandated by law to file tax returns:
- The individual has deposited an aggregate amount exceeding Rs 1 crore in one or more current bank accounts with any bank; or
- The individual has incurred expenditure of an aggregate amount exceeding Rs 2 lakh for himself or any other person for travel to a foreign country; or
- The individual has incurred expenditure of an amount or aggregate of the amounts exceeding Rs 1 lakh towards consumption of electricity.
- Individuals who have any assets including financial assets located outside India
- Individual having signing authority in any account located outside India
- Loan approvals are made easier.
- Compensation for the losses can be carry-forwarded for eight subsequent years
- Mandatory proof for approving high budget loans and life insurance
- Required document for applying for VISA
- People who are self-employed won’t register with Form 16 therefore ITR becomes their only proof for their income
- Enables correct payment of tax to avoid penalties
Timelines and next steps
A proprietor or a Hindu Undivided family who has a business or a profession must file ITR-3 form and ITR-4 sugam form must be filed by a proprietor who pays tax for his income which is known as Presumptive Taxation Scheme