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.

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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.

  • 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

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 ASKED QUESTIONS (FAQ)

  • How many people are required to start a Proprietorship firm?

    One Person is required to start a Proprietorship firm

  • What is a sole proprietorship?

    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.

  • What is a sole proprietorship compliance due date?

    File Sales Tax (VAT) Returns every Quarter within the due dates File Service Tax Returns every Half Year ( every 6 Months) Income Tax Return every year before

    Due dates

    • 25 July - for April to June
    • 25 October - for July to September
    • 25 January - for October to December
    • 25 April - for January to March

    Due dates

    • 25 October - for April to September and
    • 25 April - for October to March

    Due dates

    • 31st July - All Cases except audit
    • 30th Sep if your turnover is More Than 1 Crore-Service Turnover More than 25 Lakhs
    What to do for Annual Compliance Non Compliance Penal Consequence
    • Maintain Proper Books of Accounts.
    • Prepare and File Balance Sheet.
    • Comply with Sales Tax and Service Tax Requirements.
    • File Income Tax Returns with Income Tax Department.
    • Late filing or non-filing of Annual Return before the due date will attract a penalty 12 Times of Normal Fees.
    • Late filing or non-filing of Sales tax, Services Tax return before the due date will attract a penalty,
    • Non Compliance of Income tax Act provision will may attached Penal action,
    • Further, the LLP cannot be wound-up or closed without filing of the return.
  • How does a sole proprietorship differ from other company forms?

    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
  • What are the requirements to be a Proprietorship firm?

    The Proprietor must be an Indian citizen and a Resident of India.

  • What is the capital required to start a Proprietorship firm?

    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

  • How will Rajput Jain & Associates help me start a Proprietorship firm?

    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.

  • What are the advantage of Proprietorship firm?

    Advantages of Proprietorship Firm

    Easy to Start

    A Proprietorship is easy to form as no cumbersome legal formalities are involved. Its registration is also not essential. However, if the firm is not registered, it will be deprived of certain legal benefits. The Registrar of Firms is responsible for registering Proprietorship firms.

    Business Name

    Since the name of a Proprietorship firm is not registered, a Proprietorship firm can choose to have any name - as long as it does not infringe on a registered trademark. However, since the name is not registered, any other person can also use the same business name unless trademark registration is obtained.

    Annual Filing NOT Required

    A Proprietorship firm is not required to file its annual accounts with the Registrar each year unlike a Limited Liability Partnership or Company. Limited Liability Partnership's and Companies are required to file their annual accounts with Registrar of Companies each year.

    Audit NOT Required

    A Proprietorship firm is not required to file audited financial statements with the Ministry of Corporate Affairs each year. Therefore, audit of financial statements is not required. However, tax audit may be required for a Proprietorship firm if the turnover exceeds prescribed limits.

    • 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.

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Private Limited Companies are those types of companies where minimum number of members is two and maximum number is two hundred. A private limited company has the limited liability of members but at the same time it has many characteristics as those of a partnership firm. A private limited company has all the advantages of partnership namely flexibility, greater capital combination of different and diversified abilities, etc., and at the same time it has advantages of limited liability, greater stability and legal entity. In this sense, a private limited company stands between partnership and widely owned public company. Identifying marks of a private limited company are name, number of members, shares, formation, management, directors and meetings, etc., The maximum number of directors shall have to be mentioned in the Articles of Association. In the grand of privileges and exemptions, the Companies Act has drawn a distinction between an independent private company and other private company which is a subsidiary to the other public company.

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