Annual Compliances For Proprietorship

What Is The Annual Compliances For An Individual/Proprietor.

There is basically 2 compliance required for an individual. 1.Income tax return
2.Gst return (if he is registered under the Gst Act)
a).Gstr3b monthly
b).Gstr1 quarterly/monthly
c).Gstr9 monthly

Who Are The Individual/Proprietor

Taxpayer other than the Pvt.Ltd Companies, Opc Companies, LLp , Partnership , Ltd companied are to be called as Individual/Proprietor.

Why these compliance required for an individual/Proprietor
a) If an individual income cross the basic limit of exempted income tax limit then it is mandatory for him to file the Income tax return and if income not cross the basic limit then it is optional to him for filling the income tax return.
b) An individual who is registered under the Gst act required need to file Gst return monthly basis .

Due date for filling
a).For Income tax filling Last date for filling income tax return will be 30the July.
b).In case of Gst last date of filling is Gst3b will be next 20th of the following month.

Documents Required For Annual Compliances For Proprietorship

  • Invoices of Purchases and Sales during the year
  • Invoices of expenses incurred during the year
  • Credit Card Statements if Expenses are incurred by Proprietor on behalf on Company
  • Bank Statements from 1 April to 31 March for all bank accounts in the name of firm
  • Copy of GST returns filed (If Any)
  • Copy of TDS Challans Deposited (If Any)
  • Copy of TDS Returns filed (If Any)

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Annual Compliances For Proprietorship
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