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Set up a sole Proprietorship Compliance

  • Get an Accountant & LEDGERS accounting software to manage your accounts, bookkeeping, payroll, GST and income tax filing.

10K+ Proprietorship Compliance Firms Registered Since 2020

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Register Proprietorship Compliance Firm Online through Compliance Gurukul

You can easily complete Proprietorship Compliance firm registration online through Compliance Gurukul. For a sole Proprietorship Compliance registration, only the PAN & Aadhaar card of the business owner is required. We can help you obtain the following registrations in less than 15 days:

  • Proprietorship Compliance
  • Zero-Balance Business Current Account with Compliance Gurukul Software

Once, you have registered for the Proprietorship Compliance firm registration online on Compliance Gurukul, please follow the steps below and upload the following documents by logging into Compliance Gurukul Software.

  • Step 1: Login to Compliance Gurukul Software using the email address for payment.
  • Step 2: Go to Services Tab & Select Proprietorship Compliance Engagement
  • Step 3: Upload your PAN & Aadhar Card Copy
  • Step 4: An Compliance Gurukul Registration Expert will file the registration application with GST Department and Bank for Current Account.
  • Step 5: Access to Compliance Gurukul Software is for GST invoicing, GST filing and other services.

Proprietorship Compliance

Running a Sole Proprietorship in India comes with a set of crucial financial and legal responsibilities. Compliance with various tax and regulatory requirements is essential to ensure your business's smooth operation and growth. This includes filing Income Tax Returns, TDS Returns, GST Returns, EPF Returns, maintaining accurate accounting records, and sometimes undergoing a Tax Audit.

Filing tax returns as per sole proprietorship tax rate is an essential obligation for businesses operating as sole proprietorships in India. At Compliance Gurukul, we understand the significance of Compliance with Indian tax laws and the potential benefits that come with it. Our comprehensive services are designed to assist business owners in navigating the intricate Compliance. To navigate these compliance obligations seamlessly, Compliance Gurukul offers expert assistance and a user-friendly platform, making the process efficient and hassle-free for Sole Proprietors.

Streamline Proprietorship Compliance with Compliance Gurukul

Compliance Gurukul is your reliable partner in fulfilling the compliance needs of your Sole Proprietorship. We simplifies the filing of Income Tax Returns, ensuring you meet the deadlines and adhere to tax regulations. We also support TDS Return filing, helping you accurately report deductions. For businesses registered under GST, our services include hassle-free GST Return filing, covering both GSTR-1 and GSTR-3B. Compliance Gurukulcan assist in EPF Return filing, ensuring Compliance with employee provident fund regulations. With Compliance Gurukul you can focus on growing your Sole Proprietorship while we care for your compliance needs, ensuring your business's financial health and legal standing.

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Documents required for Proprietorship Income Tax Return Filing

If you're a sole proprietor looking to file an Income Tax Return (ITR) for your Proprietorship Firm, make sure you have the following essential documents ready:

  • PAN Card
  • Bank Account Details
  • Aadhar Card
  • Advance Tax Payment Challan
  • Form 16, 16A, and 26AS

These documents must be kept for the payment and filing of income tax for sole proprietorship.

Timelines

A sole GSTR-10 firm registration can normally be done in India through Compliance Gurukul in max 2 weeks. However, the timelines for registration will vary from case to case, depending on the government and bank processing timelines.

Proprietorship Compliance FAQ's

The question Is it mandatory to file ITR for Proprietorship firm arises among the proprietors. The proprietor must report all business income and losses on their personal income tax return. Filing ITR is necessary if the total income exceeds the basic exemption limit or if tax audit provisions apply based on turnover and profit criteria.

Proprietorship annual return filing is done using ITR 3 and ITR 4.

ITR 3 is furnished in case if the proprietorship firm is run by a Hindu Undivided Family or by an individual.

ITR 4 is furnished by the proprietor under the presumptive taxation scheme.

As the sole proprietorships are not considered tax entities, they are not separate from their owners so the proprietor does not have to face double taxation.

The main tax advantage of a proprietorship is that it can deduct the cost of health insurance for self, spouse, and dependents.

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