SuperCA
  • 0

How are sole proprietorships taxed?

  • 0
How are sole proprietorships taxed?
Share

1 Answer

  1. All the proprietors below the age of 60 will be required to file ITR if the total income exceeds Rs. 2.5 lakhs. If the proprietor’s age is between 60 – 80 years, then he should file ITR only if his income exceeds Rs. 3 lakh. Proprietors over the age of 80 years are required to file income tax if the income exceeds Rs. 5 lakh.

    If the person is registered under GST, then he/she also needs to file your GST Return.

    Sole Proprietors need to file the ITR-3 form. It can also be filed by the proprietor online by using the digital signature. In sole proprietorships, A sole proprietor should also deduct TDS and file a TDS return if liable for Tax Audit.

    • 0

Leave an answer

You must login to add an answer.