Full year proprietorship firm compliance

What Is Proprietorship Firm Comliance?

Proprietorship firm is a Single person business. It is a type of business entity, that is managed, controlled or run by one person. Proprietor/ Individual is required to complete the compliance in the following manner:

  • Monthly or Quarterly GST Return (If registered under Goods & Services tax).
  • Monthly TDS payment and Quarterly TDS return.
  • Monthly ESI and EPF return.
  • Income Tax Return (ITR) filing for the year.
  • Audit Report certified by CA.

Proprietorship firm compliance is based on the turnover of business and applicability of particular act.

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GSTGoods and Services tax (GST) registration is based on the turnover of business. If proprietorship firm is registered under GST, it is compulsory to file GST return.
TDSTax deducted at source (TDS) rules are applicable on transaction based. Like: if proprietor is paying salary to any employee which is more than the basic exemption limit and tax is applicable, TDS is required to deduct from salary and paid to government on monthly basis.
ESI & EPFIn nutshell, every factory/business engaged in the business as per the act and employed 20 or more persons are required to register under the act. Monthly payment of PF contribution and filing of Return is mandatory.
Income Tax Return (ITRAs per the income tax act, 1961, if proprietor/individual having income more than the basic exemption limit is required to file the income tax return, otherwise it is optional.
AuditAs per the act, audit of accounts and submission of audit report certified by CA (Chartered Accountant) is mandatory, if specified turnover limit exceed. Audit Limit for Business is Rs. 1 crore and Audit Limit for Profession is Rs. 50 Lakhs for FY: 2019-20.

Proprietorship Firm Comliance Package

EXPECTED

Turnover Upto Rs. 10 Lakh

₹ 1,999/- 

(All Inclusive)
  • 12 month GST Return.
  • 1 year TDS return.
  • 12 month ESI & PF return.
  • 12 month Book keeping & accounting.
  • Proprietor Income Tax Return.
  • Proprietor Computation of Income.
  • Annual Balance sheet & Profit Loss statement.

EXPECTED

Turnover Upto Rs. 50 Lakh

₹ 4,999/-

(All Inclusive)
  • 12 month GST Return.
  • 1 year TDS return.
  • 12 month ESI & PF return.
  • 12 month Book keeping & accounting.
  • Proprietor Income Tax Return.
  • Proprietor Computation of Income.
  • Annual Balance sheet & Profit Loss statement.

EXPECTED

Turnover Upto Rs. 1 crore

₹ 9,999/-

(All Inclusive)
  • 12 month GST Return.
  • 1 year TDS return.
  • 12 month ESI & PF return.
  • 12 month Book keeping & accounting.
  • Proprietor Income Tax Return.
  • Proprietor Computation of Income.
  • Annual Balance sheet & Profit Loss statement.
  •  Audit Report certified by CA, if applicable.
 

Documents Required For Proprietorship Compliance

  • Monthly Sales and Purchase bill for GST return.
  • Monthly TDS sheet (Draft sheet we will provide) for TDS payment and Return.
  • Monthly Expenses bill for Accounting.
  • Monthly ESI & PF sheet (Draft sheet we will provide) for payment and return.

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We have 10+ years of experience in the business registration, tax compliance and book keeping. We stand at very good position because of our highly client engaged services.

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