Compliances Required For Sole Proprietorship Firm

A sole proprietor is the sole owner of the proprietorship business. Hence, a business will be carried forward by making new bank account for the business and GST registration will be done by using PAN and Aadhar of the proprietor. The proprietor is completely responsible for all the assets and liabilities of the business.

  • Income Tax Return Filing The proprietorship's business owner must submit a personal income tax return using form ITR-3 or ITR-4
  • Business Income Only the ITR-3 and ITR-4 income tax forms allow for the declaration of business income. As a result, in order to comply with income tax requirements, all proprietorships must submit forms ITR-3 or ITR-4
  • GST Return Filing If a proprietorship is registered for GST, a filing GST return each month and every three months in accordance with the business's registration plan
  • TDS Returns Tax must be withheld at source and TDS returns must be filed quarterly if the proprietorship has employees or spends more than a specific amount on goods and services.