Proprietorship Return Filing

Proprietorship firms are required to file income tax return like LLPs and Companies registered in India. Since proprietorship firms are considered to be one and same as the proprietor, the income tax return filing of the proprietorship firm is the same that of the proprietor. Under Income Tax Act, all proprietors below the age of 60 years are required to file income tax return if total income exceeds Rs. 2.5 lakhs. In the case of proprietors over the age of 60 years but below 80 years, income tax filing is mandatory if total income exceeds Rs.3 lakhs. Proprietors over the age of 80 years and above are required to file income tax return if the total income exceeds Rs.5 lakhs. Itaxbuddy provides income tax return filing for thousands of small and medium sized proprietorship firms across the country. Get in touch with an Itaxbuddy Tax Expert to file the income tax return for your proprietorship firm today.

Proprietorship Return Filing Process

Proprietorship Return Filing

Itaxbuddy.com can help file the mandatory annual return for your Company and maintain annual compliance with the Ministry of Corporate Affairs.

Annual Return Preparation

An Itaxbuddy Compliance Expert will prepare the Annual Return for your Company based on the financials and performance during the previous financial year.

Annual Return Verification

Once the Annual Return is prepared in the requisite format, the Client's Finance Team can verify the prepared annual return and affix the digital signature.

Project Finalization

Once the Annual Return is prepared and verified, the Annual Return can be filed with the Minsitry of Corporate Affairs along with the necessary attachments.

Frequently Ask Questions(FAQs)

  • What is Annual Return?Open or Close

    Annual return is a mandatory filing to be made by all Companies in India. The filing along with the required documents must be filed with the Ministry of Corporate Affairs. Filing of annual return with the MCA is different from the filing of annual return with the Income Tax department.

  • What information is contained in the annual return?Open or Close

    Annual return consists of the balance sheet of the company, profit and loss account, compliance certificate (if necessary), details of registered office, details of Members, details of shares and shareholding and details of Directors.

  • Who should sign the Annual Return?Open or Close

    The Annual return of the Company must be signed by the Directors of the Company. The financial statements filed along with the Annual return must be audited and signed by a Chartered Accountant.

  • When is the due date for filing Annual Return?Open or Close

    Annual return is due before the 30th of September or 6 months from the end of the financial year. In case of newly incorporated Company, an Annual General Meeting should be held within 18 months from date of incorporation or 9 months from the date of closing of financial year, whichever is earlier and an annual return should be filed with the MCA.

  • What is the procedure for filing Annual Return?Open or Close

    Annual return can be prepared and filed by a Professional online through the MCA's E-Filing portal. An Itaxbuddy Financial Expert can help you with e-filing your Company's annual report.

  • What is the penalty for non-filing of annual return?Open or Close

    If a company fails to file annual return with the Registrar of Companies (RoC) within the specified time, then the Company shall be liable to pay a penalty till filing of the return. The amount of penalty will depend on the number of days in default. till the default continues.