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Proprietorship Tax Return in India


Filing an income tax return is a crucial financial responsibility for all taxpayers in India, including those operating under a proprietorship. In this comprehensive guide, we will explore everything you need to know about Proprietorship Income Tax Return, including the services offered by ANBIFM Tax Consultants. From the last date to benefits and ITR forms, we’ve got you covered.

Proprietorship Tax Return : Basics

1. What is Proprietorship Income Tax Return?

  • Overview: A Proprietorship Income Tax Return is filed by individuals who run their businesses as sole proprietors. It is a means of reporting income, expenses, and tax liability to the government.

2. Who Should File?

  • Criteria: Proprietors with an annual income exceeding the specified limit must file an income tax return.

  • Benefits: Filing a return helps individuals claim tax deductions and maintain a clean tax record.

Important Aspects of Proprietorship Income Tax Return

3. Last Date for Filing ITR

  • Due Date: The last date for filing income tax returns for individual proprietors is usually July 31st of the assessment year.

  • Extensions: In some cases, the due date may be extended, so it’s essential to stay updated.

4. Documents Required For Proprietorship Income Tax Return

  • Checklist: ANBIFM Tax Consultants provide a comprehensive checklist of documents needed for a smooth ITR filing process.

  • Common Documents: These may include PAN card, Aadhar card, bank statements, income statements, and investment proofs.

5. ITR Forms For Proprietorship Income Tax Return

  • Which ITR Form to Use: The ITR form used depends on the source of income, income amount, and specific circumstances. Common ITR forms used for proprietorship include ITR-3 and ITR-4.

6. Audit Requirements For Proprietorship Income Tax Return

  • Mandatory Audits: Proprietors with annual turnover exceeding a specified limit must undergo a tax audit.

  • Benefits: ANBIFM Tax Consultants can help businesses navigate audit requirements and ensure compliance.

7. Penalties for Late Filing For Proprietorship Income Tax Return

  • Penalties: Late filing of an income tax return can result in penalties and interest on tax dues. It’s crucial to file on time.

8. Benefits of Filing Income Tax Returns 

  • Claim Deductions: Filing an ITR allows you to claim deductions for investments, expenses, and loans.

  • Loan Approvals: A clean ITR record is often required for loan approvals and financial transactions.

ANBIFM Tax Consultant Services

9. ANBIFM’s Expertise in ITR Filing

  • Overview: ANBIFM Tax Consultants specialize in providing ITR filing services for proprietors.

  • Benefits: Their expert assistance ensures that tax returns are accurate, compliant, and filed on time.

10. Explaining ITR Form

  • In-Depth Explanation: ANBIFM experts guide proprietors through the process of choosing the correct ITR form and understanding its details.

11. Form 10BD For Proprietorship Income Tax Return 

  • Overview: ANBIFM helps proprietors navigate Form 10BD, a declaration required under section 115BAC.

  • Benefits: Correctly filing Form 10BD ensures tax benefits are availed.

12. Benefits of Filing ITR with ANBIFM

  • Saves Time: Outsourcing ITR filing to ANBIFM saves time and minimizes errors.

  • Expert Advice: ANBIFM provides expert tax advice, ensuring that you don’t miss out on deductions.

13. Types of Benefits under Section 80D

  • Health Insurance: ANBIFM explains the types of benefits available under Section 80D for health insurance premiums.

  • Tax Savings: Understanding these benefits can lead to significant tax savings.

14. Why Should You File Your ITR?

  • Compliance: ANBIFM emphasizes the importance of ITR filing for maintaining compliance and avoiding legal issues.

  • Record Maintenance: A filed ITR acts as a financial record, crucial for future transactions.

Income Tax Slab for Senior Citizens Above 60 Years

15. Senior Citizens Tax Slabs

  • Overview: ANBIFM outlines the income tax slabs applicable to senior citizens above 60 years.

  • Example: A detailed example of how these tax slabs apply to a senior citizen’s income is provided.


ANBIFM Tax Consultants specialize in guiding and assisting individuals running proprietorships in their income tax return filing. Whether you need help with understanding ITR forms, choosing the right ITR form, or ensuring compliance with tax audits, ANBIFM’s expert services simplify the process.

Filing your Proprietorship Income Tax Return on time not only fulfills your legal obligation but also offers the potential for substantial tax savings. With ANBIFM’s support, you can navigate the complexities of income tax filing with ease and peace of mind. For any inquiries or to access ANBIFM’s services, reach out to their team of tax professionals, and ensure your proprietorship’s financial health.


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FAQs on Easy Online TDS Return Payment

How do I file a tax return for a proprietorship firm?

Get in touch with Vakilsearch. We will review the necessary financial documents, calculate your income, and file form ITR-3.

ITR-3 should be filed by individuals and HUFs who have income from a proprietary business or profession. The deadline for filing ITR-3 for a proprietorship firm is generally July 31 of the assessment year (e.g. 31 July 2023, for the assessment year 2022-23).

Annual compliances for a proprietorship firm may include filing income tax returns, maintaining books of accounts, obtaining any necessary registrations or licences.

Yes, if the income of the proprietorship firm exceeds the specified threshold limits as per the Income Tax Act, 1961. It is mandatory to file an income tax return.

The government has provided options to refund your excess tax amount when you file your IT return. This will be credited directly to the specific bank account through an ECS. Make sure to file the bank details with utmost care.

Yes, as a sole proprietor, you are required to file income tax returns if your total income exceeds the threshold limits specified by the Income Tax Act of 1961

The proprietor’s income refers to the net profit or loss earned by the sole proprietorship firm during a specific financial year. It is calculated by deducting the business expenses from the business income.

No, ITR-2 is not applicable to sole proprietors. It is meant for individuals and HUFs having income from other sources, but not from a proprietary business or profession.

There is no specific maximum turnover limit for a sole proprietorship firm. The turnover can vary based on the nature of the business, industry, and other factors.

Advantages of sole proprietorship include ease of formation, complete control and decision-making authority, simplified tax reporting, flexibility in operations, and direct retention of profits.

Sole proprietorship offers advantages like ease of decision-making, fewer legal formalities, and sole ownership of profits, while partnerships involve shared responsibilities, decision-making, and profits, which may require additional agreements and coordination.

There are no specific eligibility criteria to establish a proprietorship firm. Any individual can start a proprietorship business by obtaining the necessary licences. Get in touch with experts to know more.