Sole Proprietorships of India have only the minimal statutory compliances, which are much lesser than those applicable to the private or public limited companies. It is mainly because of the fact that a sole proprietorship has a no separate legal entity different from its owner or proprietor, and this form of business entity does not avail the benefits of limited liability. The annual income of the proprietor is considered the annual income of the sole proprietorship firm.
Hence, like other business/service entities which are registered under the Ministry of Corporate Affairs, the sole proprietorship firms are not required to file any annual report or financial statements with the MCA. The main and major statutory compliances to be made by these proprietorship firms are thus tax related periodic and annual compliances. However, some more periodic or annual compliances may also be required for the purposes of business regulation/recognition. Thus, the major compliances for proprietorships in india, are the following:
The due dates for filing these tax returns are as follows: ---
Sales Tax (VAT) Returns: --- These are to be filed in every quarter of the assessment financial year, on the following prescribed dates ---
Service Tax Returns: --- These are filed on half yearly basis, on the following due dates of the assessment financial year ---
Income Tax Returns: --- ITR is filed on yearly basis, on the following dates depending upon the necessity of financial/tax audit ----
Available are our expert, efficient, and cost-effective services for the Annual Mandatory Compliances (AMCs) of the Sole Proprietorship located and active anywhere in entire India, and belonging to Indian or Foreign Nationals.
