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ITR Filing For Proprietorship

Filing Income Tax Returns (ITR) for Proprietorships is essential for ensuring legal compliance and managing taxes efficiently. Since a Proprietorship isn’t a separate legal entity from its owner, the business income is reported as the individual’s income. Let’s break this down!

Complete Your ITR Filing

Ready Your ITR Filing For Proprietorship with Auriga Accounting

  • Connect with our Experts
  • Submit Your Required Documents
  • Track Application Status
  • Received your Certificate

REGISTER NOW..

Why Should I Use Auriga Accounting For ITR Filing For Proprietorship ?

Auriga Accounting has a team of registration experts who can provide complete guidance to register your ITR Filing For Proprietorship.

book appointment

Our team of experts will get in touch with you and collect all necessary documents and details

Resolve all your queries

We fill out and file your application for ITR Filing 

Complete your ITR Filing

Ready Your ITR Filing For Proprietorship. 

Why Should I Use Auriga Accounting For ITR Filing For Proprietorship ?

Auriga Accounting has a team of registration experts who can provide complete guidance to register your ITR Filing For Proprietorship.

book appointment

Our team of experts will get in touch with you and collect all necessary documents and details

Resolve all your queries

We fill out and file your application for ITR Filing 

Complete your ITR Filing

Ready Your ITR Filing For Proprietorship.

Overview
File ITR
Applicable
Benefit
Documents
Tax Rate
Audit
Due Date
Penalties
Process

Overview - ITR Filing For Proprietorship

A Proprietorship is a single-owner business structure where the owner and the business are legally the same entity. The owner bears unlimited liability and pays income tax under individual tax slabs — not corporate rates.

Why Should an Proprietorship File ITR?

–Legal Requirement – Mandatory under the Income Tax Act, 1961.
-Avoid Penalties – Late or non-filing attracts penalties.
-Carry Forward Losses – Business losses can be adjusted against future profits.
-Secure Loans & Tenders – Proof of income is essential for financing and government tenders.
-Claim Tax Refunds – Helps recover excess TDS deducted.

Applicable ITR Forms for Proprietorship

  • ITR-3 – For proprietors carrying on business or professional income (e.g., consultants, freelancers).
  • ITR-4 (Sugam) – For proprietors opting for Presumptive Taxation under Sections 44AD, 44ADA, or 44AE (simplified filing).

Benefits of Timely ITR Filing for Proprietorship

–Avoid penalties and interest charges
-Carry forward business losses for tax benefits
-Ensure financial compliance and credibility
-Secure business loans and government tenders
-Claim refunds and tax deductions easily

Documents Required for Proprietorship ITR Filing

  • PAN card of the Proprietor
  • Aadhaar Card
  • Bank Statements
  • Financial Statements (Profit & Loss Account, Balance Sheet)
  • GST Returns (if applicable)
  • TDS Certificates
  • Audit Report (if applicable)

Tax Rates for Proprietorships (FY 2023-24)

Proprietorships are taxed as individuals under income tax slabs:

  • Up to ₹2,50,000 – No tax
  • ₹2,50,001 to ₹5,00,000 – 5%
  • ₹5,00,001 to ₹10,00,000 – 20%
  • Above ₹10,00,000 – 30%

Surcharge:

  • 10% on income > ₹50 lakh
  • 15% on income > ₹1 crore

Health & Education Cess: 4% on tax + surcharge

Presumptive Taxation rates:

  • 8% of turnover (Section 44AD – business)
  • 6% for digital receipts
  • 50% of gross receipts for professionals (Section 44ADA)

Audit Requirements for Proprietorship

A tax audit is mandatory if:

  • Annual turnover exceeds ₹1 crore (for businesses).
  • Gross receipts exceed ₹50 lakh (for professionals).
  • Declared income is lower than 8% (business) or 50% (profession) under Presumptive Taxation.

The audit must be conducted by a Chartered Accountant (CA), and Form 3CD is filed alongside the ITR.

Due Dates for Proprietorship ITR Filing

  • 31st July – For proprietorships not requiring an audit.
  • 31st October – For proprietorships requiring an audit.

Penalties for Late/Non-Filing

  • Late Filing Penalty – ₹1,000 to ₹10,000 under Section 234F.
  • Interest on Tax Due – Charged under Sections 234A, 234B, 234C.
  • Prosecution – Repeated non-compliance may lead to legal consequences.

Step-by-Step ITR Filing Process for Proprietorship

  1. Login to the Income Tax e-filing portal using the proprietor’s PAN.
  2. Select Form ITR-3 or ITR-4.
  3. Fill in personal & business details.
  4. Report income & deductions – Declare revenue, expenses, deductions (e.g., Section 80C, 80D).
  5. Upload audit report (if required).
  6. Verify return – E-verify using Aadhaar OTP or Digital Signature Certificate (DSC).
  7. Submit the return.

Get more details

Our Happy Clients!

Excellent
Based on 12 reviews
MD SAHIL
MD SAHIL
2023-06-10
Auriga Accounting is right CA firm is crucial for the financial health of our business. Auriga Accounting is reputable firm with experienced professionals, strong technology infrastructure, good communication, and transparent pricing.
Prince Kushwaha
Prince Kushwaha
2023-06-10
Workplace must be peaceful and be active during work , the Auriga Accounting Private Limited provides relevant and necessary things so employees save their time and complete their task before time period effectively and efficiently
Prince Singh
Prince Singh
2023-06-10
Auriga accouting private limited and it's team provide best service at affordable price. I have done my previous year GSTR and ITR they did it before the time
Priyanka Kumari
Priyanka Kumari
2023-04-07
They are best coordination with me. Time to time inform me how to work and what work is my pending. Time to time updated me about my company profile work like ROC Filling last date, GST filling last date, ITR etc... I have no paid any penalty since I started working with Auriga..
Vishal Singh
Vishal Singh
2023-04-07
Best company for providing services, I recommended to all. They give me the best rate of price and finished work before the time.
Sameer khan
Sameer khan
2023-04-07
The auriga accounting private limited is a reliable and a customer support company the team has give Clear answer towards the customer by which the customer cannot get confused and get necessary detail to solve their queries and auriga provided me good service and delivered my work on time very well coordinate with me and talk very well I suggest if you have any work then call auriga they will definitely finish your work on time
Vivek Shakya
Vivek Shakya
2023-04-07
Great Services , within affordable rate and give full satisfaction on works. Easy to Cordinate, I have done My Previous year ITR , Startup Registration. I am very happy with their services and their first priority is their Customer.
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find way
2023-04-06
I'll give a five-star rating, I had doubts about how to start my work in the field of business and they guide me and instruct me on how to start a business. They have a great team.
623 Anjali
623 Anjali
2023-04-06
The Auriga has great services. Efficient communication and really easy way to get help and support.
Anjali Sharma
Anjali Sharma
2023-04-06
Auriga Accounting team represents the highest level of customer services I have experienced.The team gives accurate information and responses to queries very fast, which are customer is facing.

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