A proprietorship firm does not need to observe too many types of compliance. But, there are some types of
proprietorship compliance which it needs to follow. Proprietorship firm compliance mainly includes filing of
income tax return. In addition to the basic compliance, proprietorship firms may also be required to comply
with TDS regulations, GST regulations, VAT / CST regulations, Service Tax regulations, ESI regulations and
others. The compliance requirement for a business would vary based on the type of entity, industry, state of
incorporation, number of employees and sales turnover.
Reasons
1) Income tax filing
2) GST Filing
3) TDS Filing
4) ESI Filing
5) Service Tax or VAT
Types
1) PAN card
2) Income Tax Payment
3) Income Tax Return
4) GST Registration
5) Tax Audit
6) GST Return
FAQ
1) Documents Needed.
Photographs of the proprietor
Proof of address
Date of birth proof (Class 10 certificate/Birth certificate)
Bank account statement
Purchase and sale invoice
Expense invoice
Balance sheet
Profit and loss account
2) What is the Fee?
All-inclusive fee for proprietorship compliance starts from Rs. 15000