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Proprietorship

Proprietorship in India is a type of unregistered business entity that is owned, managed, and controlled by an individual. Micro and small businesses working in the unorganized sector prefer to register as a proprietorship in India.

Benefits of registering as a proprietorship

Proprietorship registration is ideal for entrepreneurs who are getting into business for small businesses with very few customers. The liability of sole proprietors is limited and they also do not have a permanent existence.

Proprietorship registered in India is required to file an income tax return. Since proprietor and proprietorship are the same, therefore income tax return filing for proprietor and proprietorship is the same. Under the Income Tax Act, all owners below the age of 60 years will file ITR only if the total income exceeds Rs. 2.5 lakhs. If the owner is more than 60 years and less than 80 years, then he should file ITR only if his income exceeds Rs. 3 lakhs. Owners who are above 80 years of age are required to file income tax if the income exceeds Rs. 5 lakhs. At IndiaFilings we offer expertise in Income tax return filings for several small and medium-sized proprietorship firms across the country. Get in touch with a Services Plus Tax Expert to file the Income-tax return for your Proprietorship today.

Proprietorship.

 

 

 

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