Income Tax Returns

Below are the Assesses as per Income Tax Act

For Proprietorship Firm

Partnership Firm

LLP

Private Limited Companies

Trusts

Societies

NGOs

Welfare Association

Schools

Hospitals

Hotels

Salaried

HUF

AOP’S

Proprietorship Tax Return Filing

All Above Assesses are required to file income tax return in India.

Under Income Tax Act, all Individual assesses below the age of 60 years are required to file income tax return if total income exceeds Rs. 2.5 lakhs. In the case of proprietors over the age of 60 years but below 80 years, income tax filing is mandatory if total income exceeds Rs.3 lakhs. Proprietors over the age of 80 years and above are required to file income tax return if the total income exceeds Rs.5 lakhs.

All the assesses mentioned above other than Individuals has to compulsorily file their returns

ASLG Professional Solutions provides income tax return filing for all the assesses across the country. Get in touch with an ASLG Professional Solutions Tax Expert to file the income tax return for your proprietorship firm today

When is Tax Audit Compulsory?

An audit would be required for a proprietorship firm if the total sales turnover is over Rs.1 crore during the financial year. In the case of a professional, audit would be required if total gross receipts is more than Rs.50 lakhs during the financial year under assessment. Also, an audit would be required for any proprietorship firm under presumptive taxation scheme irrespective of turnover if the income claimed is lower than the deemed profits and gains under the scheme.