A sole proprietorship in India is the simplest business structure, where a single individual owns and manages the business.
Income Tax Return Filing
Proprietorships are taxed as an extension of their owners, using the Proprietor's PAN for filing returns. Filing ITR on time allows carrying forward losses and claiming deductions under specific sections.
ITR Filing Criteria
Below 60 Years: File if income exceeds Rs. 3 Lakhs.
60-80 Years: File if income exceeds Rs. 3 Lakhs.
Above 80 Years: File if income exceeds Rs. 5 Lakhs.
Income Tax Slab Rates
Age
Income Range
Tax Rate
Below 60 Years
Up to Rs. 2,50,000
-
60-80 Years
Up to Rs. 3,00,000
-
Above 80 Years
Up to Rs. 5,00,000
-
All Ages
Above Rs. 10,00,000
30%
Presumptive Taxation Scheme
Small businesses can use Section 44AD to pay taxes on an estimated basis, eliminating detailed record-keeping requirements.
Filing Deadlines
No Audit Required: July 31st.
Audit Required: September 30th.
International Transactions: November 30th.
Required Documents
PAN Card
Aadhaar Card
Bank Account Details
Form 16/26AS
GST and TDS Compliance
Proprietors with GST registration must file GSTR-1 and GSTR-3B returns. For TDS, forms like 24Q and 26QB are required based on the nature of deductions.
Accounting and Auditing
Maintain books if turnover exceeds Rs. 25 lakhs or income exceeds Rs. 2.5 lakhs. Audit is required if turnover surpasses Rs. 5 crores or professional receipts exceed Rs. 50 lakhs.
Streamline Compliance with Global Taxman
Global Taxman simplifies filing ITRs, GST returns, and TDS returns. Let us handle your compliance needs while you focus on growing your business.
