Overview:-
A partnership firm is treated as a separate entity from its partner’s.
In a similar manner to other incorporated firms like partnerships and LLPs, owners must also pay tax on their revenue. The law states that for the purposes of filing income tax returns, a proprietorship and its owner are recognized as a single business. The proprietorship is consequently bound by the same legislative regulations that control the payment of the Individuals proprietor's IiIncome tax.
However, the income tax rates for incorporated corporations are established using flat rates. Contrarily, a sole proprietorship won't be taxed as a separate legal organization. All business owners, like the rest of the nation's individual taxpayers, are required to file their taxes as iIndividual returns. The proprietorship tax is also deductible in accordance with the slab rates and income tax legislation.
Benefits:-
- Lower rate of TAX due to the slab rates.
- To be used as a base for sourcing loans from banks.
- Compliance with the Income Tax Act laws.
- Recognising your income and paying tax for the betterment of nation.
Documents Required:-
The following papers must be provided by a sole proprietor in order to file an ITR:
- PAN card.
- Aadhar card.
- Bank account details.
- Bank Account statements for the relevant period
- Accounting data, in case of sole proprietorship business.
- GST Returns copies, if any
- LIC payments, School fees payments, etc for deduction u/s 80C.
- Housing Loan Repayment statements, if any.
- Form 16, 16A, and 26AS.
- Advance tax payment challan.
But Why Choose Us?
Quick & Affordable
Ideal Consultation
Excellent Service
Guaranteed Money Back
FAQ's
