Proprietorship entities are required to file income tax return like any other entity registered in India. Since proprietorships are considered to be one and same as the proprietor, the income tax return filing of the proprietorship and the proprietor are also the same.

The income tax return of a proprietor is applicable based on their age and turnover limits. They are as follows:

1. If the proprietor’s age is below 60, then, filing of the income tax return is required if the annual turnover crosses INR 2.5 lakhs.
2. If the proprietor’s age is between 60 & 75, then, filing of income tax return is required if the annual turnover crosses INR 3 lakhs.

Due Date for Proprietorship’s Tax Return

Proprietorships operating in India are required to file income tax return each year. The income tax return of a proprietorship, which does not require an audit, is due on 31st July each year. In case if the proprietor’s books of accounts need to be audited under the Income Tax Act, the returns would be due on September 30th.

Form to be filed by Proprietorships

A proprietor or a Hindu Undivided Family carrying out a proprietary business or profession can file Form ITR-3 and those proprietors who would like to pay income tax under the presumptive taxation scheme can file ITR-4 Sugam.

OUR CHARGES FOR PROPRIETORSHIP TAX RETURN FILING