Startup Innings

Proprietorship Return Filing

Proprietorship is like any other incorporated firms such as LLP, corporations’ companies that must pay tax on its earning. In proprietorship which is treated same as the owner in the legal sense. The business individual files their business taxes same as the individual returns .

 

Filling a sole Proprietorship income tax return deadline is determined whether the business needs to be audited under Income tax Act of 1961,The due date of Proprietorship which required audit must file their income tax on 30thSeptember.As the sole proprietorship is small and independent business is ease to handle

 

Sole proprietor must record all business revenue and losses in their personal Income Tax Returns; the business is not taxed separately.