Annual Compliances For Proprietorship

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Who are the Individual/Proprietor

Taxpayer other than the Pvt.Ltd Companies, Opc Companies, LLp , Partnership , Ltd companies are to be called as Individual/Proprietor.

Why is an individual or proprietor required to comply with these requirements?

a) An individual is required to file an income tax return if their income exceeds the basic exempted limit; if their income stays below this threshold, filing the return is optional.
b) Monthly GST returns must be submitted by any person registered under the GST Act.

Deadlines for completing Compliance forms
a) The deadline for filing income tax returns is July 31st, following the conclusion of the fiscal year.
b) If you are filing for GST, the deadline is the 20th of the subsequent month.

Process Involved

Step-1

Required documents are provided by client

Step-2

Checking GST Returns reconciling with bank statements and books of Accounts

Step-3

Checking VAT returns and reconciling with bank statements and books of Accounts

Step-4

Balance Sheet and Profit and Loss is finalized based on data provided

Step-5

Tax Audit is done for those where turnover exceed 50 lakhs and 2 Crores (Charges Extra)

Step-6

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