Annual Compliances For Proprietorship
There is basically 2 compliance required for an individual.
1.Income tax return
2.Gst return (if he is registered under the Gst Act)
Taxpayer other than the Pvt.Ltd Companies, Opc Companies, LLp , Partnership , Ltd companied are to be called as Individual/Proprietor.
Why these compliance required for an individual/Proprietor
a) If an individual income cross the basic limit of exempted income tax limit then it is mandatory for him to file the Income tax return and if income not cross the basic limit then it is optional to him for filling the income tax return.
b) An individual who is registered under the Gst act required need to file Gst return monthly basis .
Due date for filling
a).For Income tax filling Last date for filling income tax return will be 30the July.
b).In case of Gst last date of filling is Gst3b will be next 20th of the following month.
Service Tax Returns
Finalization of Balance Sheet
Income Tax Return