What is Annual Compliance Filing?

Annual Compliance Filing is a regular update to the Govt. proving that the entity is conducting its business following the Companies Act, 2013. It has a few essentials like: A Board Meeting of the Director(s) Annual General Meeting Appointing an Auditor Annual Registrar of Companies (ROC) filing Income Tax Compliance

What are the penalties /consequences for late or non-filing of Annual Return?

Late filing – Daily penalty of Rs 100 up to maximum Rs 5 Lac Non-filing – In case of non-filing for three financial years at a row will cause the exclusion of Directors.

What are the required documents in the Annual Compliance process?

For filing an Annual Compliance, the required documents are - Directors’ Board Meeting minutes, profit & loss balance sheet, conclusions from Annual General Meeting, Audit report, DSC of the Directors, and incorporation documents (PAN Card, Certificate of Incorporation).

When and where the AGM can be conducted?

The AGM should be conducted during the business hours of the company and the AGM should be held in the registered office of the entity or in the same jurisdiction area in which the registered office of the entity is located.

Can the board meeting be held through video conferencing?

Yes. The board meeting can be conducted on an online audio-visual platform like a video conference in any other forms.

Annual Compliance for Sole Proprietorship

By Online Legal India Published On 03 Mar 2021 Updated On 06 Jan 2023 Category 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:

Register for GST if your turnover exceeds Rs 20 lakh.
One can also get a Shop and Establishment registration done.
As a Sole Proprietor, you must file Income Tax Return annually.
ITR Form -3 is applicable in the case of a proprietor who is carrying out a proprietary business or profession.
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.
A Sole Proprietor should also deduct TDS and file a TDS return if liable for Tax Audit.

What is the due date to file forms?

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.
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.