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Business Tax Returns For Proprietor

Proprietorships operating in India are required to file income tax return each year. Since proprietorships are considered to be one and same as the proprietor, the income tax return filing procedure for a proprietorship is similar to individual income tax return filing. we look at the proprietorship tax return filing procedure in detail.

Filing a Proprietorship Firm Tax Return

The income tax return of a proprietorship firm in form ITR 3 or ITR 4 Sugam can be filed online on the e-filing portal of the government using the digital signature of the proprietor or through generating an EVC or generating an Aadhar otp or sending the signed copy of the ITR-V to Post Bag No. 1, Electronic City Office, Bengaluru–560100 (Karnataka). If the income tax return is filed manually, then e-verification is not possible. In such a case, the proprietor should print out two copies of Form ITR-V This return needs to be submitted to the jurisdictional AO. Complete return needs to be submitted and the ITO will issue a stamped acknowledgement.

In the case of Sole Proprietorship Firm Income Tax Return, a proprietor is a person who owns his business exclusively and he is the one who is entitled to keep all the profits and liable for all the loss in his business. You can carry on the business either on your own or by employing people to work for you. So you are required to pay the taxes that you earn from the sole proprietorship.