Annual Compliance for Sole Proprietorship

The Sole Proprietorship nature of business is owned and managed by a single person/individual. A Sole Proprietorship is one of the simplest and the easiest form of business entity to register and maintain in India because of the registration process you could make it running in a matter of two weeks.

Annual Compliance for Sole Proprietorship

Following are annual compliance of a Sole Proprietorship:

1.  Register for GST if your turnover exceeds Rs 20 lakh.
2.  One can also get a Shop and Establishment registration done.
3. As a Sole Proprietor, you must file Income Tax Return annually.
4. ITR Form -3 is applicable in the case of a proprietor who is carrying out a proprietary business or profession.
5. ITR Form -4 is applicable to individuals who don't maintain the Book of Accounts in a Sole proprietorship having income from a business or profession and who has opted for the presumptive taxation scheme as per Section 44AD, Section 44ADA and Section 44AE of the Income Tax Act, 1961.
6.  A Sole Proprietor should also deduct TDS and file a TDS return if liable for Tax Audit. Read more

What is the due date to file forms?

1. Sole Proprietor business is required to get its accounts audited under the Income-tax Act or under any other law by September 30th of the financial year.
2. In any other case by July 31 of the financial year.

How can we help you?

These compliances can be made online you can file your application online on the official website of Online Legal India™. Our expert team of highly qualified CA/CS and 10+ years of experienced lawyers would assist you to comply with the legal filings of Sole Proprietorship. We have budgeted services for those who are willing to venture into a company, business or any other kind of organization. 

 Apart from getting registered with MCA, any business personnel must also register with GST, TAX and Compliances, Accounting, Trademark Registration, or creative assistance in Logo Designing and Import Export Code registration to step a foot forward in the Foreign market. To deliver your digital assistance we have the best minds in the industry for your business incorporation, our concierge work round the clock to give you a hassle-free Sole Proprietorship Registration online.