Proprietorship Compliance

 

Proprietorship Compliance

Proprietorship will have to file their annual tax return with the Income Tax Department. Other tax filings like service tax filing or VAT/CST filing may be required from time to time, based on the business activity performed. However, annual report or accounts should not be filed with the Ministry or Corporate Affairs, which is necessary for Limited Liability Partnerships and Companies. It is not required for Proprietorships to prepare audited financial statements each year. However, a tax audit may be required based on turnover and other criterion. The compliance requirement for a business would vary based on the type of entity, industry, state of incorporation, number of employees and sales turnover.

Gladefilings is the largest business services platform in India, providing a range of services like proprietorship compliance, company registration, GST registration, GST filing and more. Gladefilings can help you maintain compliance of your proprietorship. Get a free consultation for complianceof your proprietorship with an Gladefilings Consultant.

Major Compliances for a Proprietorship