OnePerson is required to start a Proprietorship firm
Statutory Compliance for Proprietorship
A Proprietorship is a popular form of business constitution for businesses that are owned, managed and controlled by a person for profit. Proprietorshipis relatively easy to start is prevalent amongst small and medium sized businesses in the unorganized sectors.
Exclusive Mandatory Compliance Offer for Startups
We can make this simple & Hassle Free
Step by step assistance
Our services are quick & affordable
We give you an opportunity to meet the mandatory annual compliances, which is often deferred by the emerging Proprietorship leading to detrimental impact on the businesses, at a very affordable rate. Rajput Jain & Associates has been helping many startups with its real-time IT filing solutions. Our recent survey confirmed that fact: Every 2nd Startup get Income Tax Notice for tax demands or for non-compliance, 3 out of 7 Startups finds place on the default list of Registrar of Companies due to non-compliance, 2 out of 4 Startups incur unnecessary pay-out by way of interests and penalties.
This offer would protect your startup from unnecessary taxes, penalties by keeping your business in perfect compliance as you grow. We will assign a chartered accountant dedicated to your filing. He will get in touch with you within 6 working hours for timely annual filings.
What You will get in this offer
- Financial Statement
- Statutory Audit Report under Companies Act, 2013
- Tax Consultancy by a Chartered Accountant
- Income Tax Return Filing
- Annual ROC Filing
- Free tax due-diligence check
- OTHER: Every Private limited shall comply with
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Rajput Jain & Associates can help file you file the income tax return for your Proprietorship firm annual return in India.Rajput Jain & Associates can help you start a Proprietorship Firm in India. Proprietorshipis required to file their income tax return each year. Every Individual shall comply with statutory requirements applicable to him forUnder the Income Tax Act, Services Tax, Sales tax, TDS etc.The Proprietorshipshouldensure that
- All its invoices and official correspondence bear the name of the registered Proprietorshipfirm,
- keep accounts and other records which will sufficiently explain the transactions and financial position for 8 consecutive years;
- File an annual income tax return to show all income earned by the Proprietorship and deductions claimed for expenses incurred in carrying on the Proprietorshipbusiness;
- Monthly, Quarterly TDS, Services Tax , Sales Tax, Excise Compliance to be completed within schedule time frame ;
- The income tax return of a Proprietorshipfirm must be accompanies by the tax compliance and financial statements of the Proprietorshipfirm.
- In certain cases, a Tax Audit may have to be conducted by a Chartered Accountant prior to filing the tax return of the Proprietorshipfirm.
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Frequently Ask Questions (FAQs)on Proprietorship Return Filings
A sole proprietorship is a company with only one owner and is not registered with the state, unlike a limited liability company (LLP) or corporation. Starting a sole proprietorship requires no paperwork - all you do to create a sole proprietorship is simply go into business. Although you do not have to file paperwork to set up a sole proprietorship, you do still have to acquire business licenses and permits, just like with any other form of business.
A sole proprietorship differs from other forms of business in several ways. The chief ways a sole proprietorship is different include:
- Sole proprietorships are the least complex and cheapest form of doing business
- Sole proprietorships require no formal paperwork to set up and don't need to be registered with the state
- Sole proprietorships do not shield individuals from liability for their business debts
- Sole proprietorships are treated as simple income for tax purposes, and do not need to have separate taxes prepared
The Proprietor must be an Indian citizen and a Resident of India.
There is no limit on the minimum capital for starting a Proprietorship firm. Therefore, a Proprietorship firm can be started with any amount of minimum capital.
A Rajput Jain & Associates will understand your business requirements and help you start a Proprietorship. Based on the requirements, Rajput Jain & Associates can also help register the Proprietorship firm with the relevant Authorities to make the Proprietorship Firm a Registered.
Advantages of Proprietorship Firm
- Am I personally liable for my business under a sole proprietorship? Yes. Unlike other forms of incorporation, you are personally liable for any of your sole proprietorship's debts or legal judgments against your business. This means that in order to satisfy debts owed by your business, debt collectors can come after your personal assets -- homes, cars, etc. For this reason alone, you should be extremely cautious about setting up a sole proprietorship.
- Conversion of a sole proprietorship into other forms of business like partnership, Company etc.