ANNUAL COMPLIANCE filling OF SOLE PROPRIETORSHIP FIRM.

In most countries, a sole proprietorship is the simplest form of business entity, and the annual compliance requirements for a sole proprietorship are generally straightforward compared to other business structures like corporations or partnerships. With “India’s BEST TAX CONSULTANT.” Connect with our Experts.

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COMPLIANCE FILLING OF SOLE PROPRIETORSHIP FIRM. Online with Auriga Accounting

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Why Should I Use Auriga Accounting For COMPLIANCE FILLING OF SOLE PROPRIETORSHIP FIRM. ?

Auriga Accounting has a team of registration experts who can provide complete guidance to COMPLIANCE FILLING OF SOLE PROPRIETORSHIP FIRM.

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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 registration

Complete your COMPLIANCE FILLING .

Your COMPLIANCE FILLING IS DONE.

Why Should I Use Auriga Accounting For COMPLIANCE FILLING OF SOLE PROPRIETORSHIP FIRM. ?

Auriga Accounting has a team of registration experts who can provide complete guidance to COMPLIANCE FILLING OF SOLE PROPRIETORSHIP FIRM..

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 registration

Complete your COMPLIANCE FILLING

Your COMPLIANCE FILLING IS DONE .

OVERVIEW - ANNUAL COMPLIANCE OF SOLE PROPRIETORSHIP FIRM.

A sole proprietorship is a business owned and managed by a single individual,
known as the sole proprietor. Legally, the proprietor and the sole proprietorship
are indistinguishable and treated as a single entity.

What Is Annual Compliance of Sole Proprietorship Firm?

Annual Compliance for Proprietorship in India is a crucial process that ensures the
smooth functioning of your business while complying with all legal and regulatory
requirements. At our Annual Compliance Proprietorship Service, we understand
the complexities of this process and offer hassle-free compliance solutions to help
you stay compliant with ease.
Our Online Annual Compliance Proprietorship service is designed to provide you
with a seamless experience, allowing you to complete your compliance
requirements from the comfort of your home or office. With our expertise in
Annual Compliances of Proprietorship, you can be sure that all necessary
documents and filings will be completed accurately and on time.

Who Is Eligible for Annual Compliance of Sole Proprietorship Firm

Eligible for Annual Compliance of Sole Proprietorship Firm

Annual Turnover – In India, the turnover limit for sole proprietorships is ₹1
crore for the financial year. Sole proprietorships exceeding the turnover
limit must get their accounts audited by a chartered accountant.

Gst Return Filling – sole proprietorships with a yearly turnover of more
than Rs. 40 Lakhs (for goods) and Rs. 20 lakhs (for services) are required to
register for GST and pay taxes on their taxable goods and services.

ITR-3 Form – ITR-3 Form is to be filed by the proprietor having Income
under the head ‘Profits or Gains of Business or Profession’ exceeding the
turnover limit “1 Crore.

ITR-4 Form – ITR-4 or SUGAM form is applicable for sole proprietorship firm
having total income up to ₹50 lakh and having Income from Business and
Profession which is computed on a presumptive basis

EPF Return Filling – The proprietor is required to get EPF registration if it
employs more than 20 persons and accordingly, filing of EPF Return
becomes mandatory.

Accounting and Book– Keeping – The sole proprietor is required to maintain
books of account, if the sale/turnover/gross receipts from the business is
more than Rs. 25,00,000 or the income from business is more than Rs.
2,50,000 in any of the 3 preceding years.

GST Audit – Turnover-based Audit under Section 35(5) of CGST Act. If the
annual turnover of a registered taxpayer is more than Rs. 2 crores in a
financial year, he is required to get his accounts audited by a Chartered
Accountant or Cost Accountant every year.

ADVATNAGES OF FILLING ANNUAL COMPLIANCE OF SOLE PROPRIETORSHIP FIRM.

Tax Efficiency: Proper compliance helps in optimizing tax strategies and
taking advantage of all available deductions and credits. This can result in
lower tax liabilities for the proprietor and potentially higher after-tax
profits.

Financial Transparency: Annual compliance necessitates the maintenance
of accurate financial records and statements. This transparency is valuable
for assessing the financial health of the business, making informed
decisions, and attracting potential investors or lenders.

Credibility: Compliant businesses are often viewed more favorably by
customers, suppliers, and business partners. Demonstrating that the
business adheres to legal and financial requirements can enhance its
credibility and reputation.

Asset Protection: Annual compliance helps maintain a clear distinction
between the business’s assets and the proprietor’s personal assets. This
separation can protect the proprietor’s personal assets from business-
related liabilities.

Prevention of Legal Issues: By staying compliant, the proprietor reduces
the risk of legal disputes, such as tax audits or regulatory investigations,
which can be time-consuming and costly to resolve.

Personal Liability Protection: Compliance can help protect the proprietor
from personal liability for business debts or legal issues. It reinforces the
concept of the business as a separate legal entity.

Documents for FILLING ANNUAL COMPLIANCE OF SOLE PROPRIETORSHIP FIRM.

List of documents required for compliance of Sole Proprietorship

Following are the documents required for compliance of sole
proprietorship:
– PAN Card
– Aadhaar Card
– GST number, if applicable
– Details of sales and purchases
– Bank statements
– Credit card statements, if any

PROCESS OF FILLING ANNUAL COMPLIANCE OF SOLE PROPRIETORSHIP FIRM.

Review Compliance Requirements: Understand the specific compliance
obligations applicable to sole proprietorships in your jurisdiction. This may
include tax filings, statutory filings, regulatory requirements, etc.

Gather Documents: Collect all relevant documents necessary for
compliance. This could include financial statements, income tax returns,
balance sheets, profit and loss statements, business licenses, permits, etc.

Prepare Financial Statements: If required, prepare financial statements
such as balance sheets and profit and loss statements for the relevant
period.

Income Tax Filing: File income tax returns for the sole proprietorship,
ensuring accurate reporting of income and expenses.

GST Filing: If applicable, file Goods and Services Tax (GST) returns, reporting sales and purchases made during the
financial year.

Review and Verification: Double-check all documents and filings for
accuracy and completeness. Ensure that all information provided is up to
date and in compliance with applicable laws and regulations.

Record Keeping: Maintain records of all compliance-related documents and
filings for future reference and audit purposes.

COMPLIANCES FOR FILLING ANNUAL COMPLIANCE OF SOLE PROPRIETORSHIP FIRM.

Income Tax Return: Sole proprietors are usually required to file an annual
income tax return, reporting their business income, expenses, and profits.
This may include filing both personal and business income tax returns,
depending on how the business is structured for taxation purposes.

GST Returns: If the business is registered for Goods and Services Tax
(GST) filing regular returns reporting sales and
purchases is mandatory. This includes reporting taxable supplies made by
the business and claiming input tax credits.

Financial Statements: Preparation and filing of financial statements such as
balance sheets, profit and loss statements, and cash flow statements may
be required. The format and disclosure requirements for these statements
can vary depending on the size and nature of the business.

Annual Accounts: In some jurisdictions, sole proprietors are required to
prepare and file annual accounts with relevant authorities. These accounts
typically provide an overview of the financial position and performance of
the business during the fiscal year.

What are the Consequences of Non-compliance?

Penalties: Regulatory authorities may impose monetary penalties for failing
to meet compliance obligations. These penalties can differ based on the
nature and severity of the non-compliance.

Legal Action: Non-compliance may result in legal action against the
partnership firm. This could include lawsuits filed by regulatory authorities
or affected parties, leading to litigation expenses and potential damages.

WHY AURIGA ACCOUNTING ?

Expertise and Guidance: Auriga Accounting provides expert guidance on
the specific compliance obligations applicable to sole proprietorship firms
in various jurisdictions. They can help sole proprietors understand what
needs to be filed, when it needs to be filed, and how to ensure compliance
with relevant laws and regulations.

Document Preparation: Auriga Accounting can assist in preparing and
organizing the necessary documents required for annual compliance, such
as financial statements, income tax returns, GST/VAT returns, and other
statutory filings.

Filing Services: Auriga Accounting offers filing services, where they can
electronically submit the required compliance documents and returns to
the relevant authorities on behalf of the sole proprietorship firm. This helps
ensure timely submission and minimizes the risk of errors or omissions.

Review and Verification: Before filing, Auriga Accounting conducts a
thorough review and verification of all compliance documents to ensure
accuracy and completeness. This helps minimize the risk of non-compliance
and potential penalties.

Compliance Updates: Auriga Accounting keeps sole proprietorship firms
informed about any changes or updates to tax laws, regulations, or
compliance requirements that may affect their business. This proactive
approach helps ensure that businesses remain compliant with current
regulations.

Consultation and Support: Auriga Accounting provides ongoing
consultation and support to sole proprietorship firms, addressing any
questions or concerns they may have about their annual compliance
obligations. This personalized support helps businesses navigate complex
compliance issues effectively.

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Our Happy Clients!

Excellent

Based on 12 reviews

MD SAHIL

2023-06-10

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2023-06-10

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2023-06-10

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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..

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2023-04-07

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2023-04-07

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2023-04-07

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2023-04-06

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2023-04-06

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2023-04-06

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