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Proprietorship Annual Compliance Services

Our experts handle all compliances efficiently, making the entire process easy and stress-free for you.

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proprietorship

Step-by-Step Proprietorship Annual Compliance Process

From document submission to final approval — we make every step easy, clear, and hassle-free.

doc collection

Document Collection

The client submits all the required documents for compliance processing.

gst return

GST Return Review

GST returns are reviewed and reconciled with bank statements and books of accounts.

vat return

VAT Return Review

VAT returns are verified and reconciled with bank statements and accounting records.

finalization

Finalization of Financial Statements

The Balance Sheet and Profit & Loss statement are finalized based on the provided financial data.

income filing

Income Tax Filing

Income tax returns are filed using the finalized Balance Sheet.

tax audit

Tax Audit (If Applicable)

Tax audit is conducted for businesses with turnover exceeding ₹50 lakhs or ₹2 crores (additional charges apply).

Who is an Individual / Proprietor?

Any taxpayer who does not fall under Private Limited Companies, OPCs, LLPs, Partnerships, or Limited Companies is classified as an Individual or Proprietor.

compliances

Why Are Compliances Required for an Individual / Proprietor?

  • a) If an individual's income exceeds the basic exemption limit, filing an Income Tax Return (ITR) becomes mandatory. If the income is below the exemption limit, filing the ITR is optional.
  • b) Any individual registered under the GST Act is required to file GST returns on a monthly basis.

due dates

Due Dates for Filing Compliances

  • a) The due date for filing the Income Tax Return is 31st July following the end of the financial year.
  • b) For GST, the due date for filing GSTR-3B is the 20th of the succeeding month.

Documents Required for Annual Compliance of Proprietorship

  • Purchase and sales invoices for the entire financial year
  • Expense invoices incurred during the year
  • Credit card statements, if expenses were paid by the proprietor on behalf of the business
  • Bank statements from 1st April to 31st March for all bank accounts held in the firm’s name
  • Copies of GST returns filed (if applicable)
  • Copies of TDS challans paid (if applicable)
  • Copies of TDS returns filed (if applicable)
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