๐ผ Tax Filing Guide for Proprietorship Businesses in India ๐ค๐ ย | ITR, GST & Bookkeeping Compliancesย by Return Filings Via Flickr:
Are you a sole proprietor or running a small business in India?
Here's everything you need to know about income tax, ITR forms, GST, and compliance in one simplified guide. ๐งพ
๐งพ 1. Tax Structure for Proprietors
Proprietorships aren't separate legal entities.
๐ฐ Your business income is taxed as personal income under individual slabs.
๐ 2. Which ITR Form Should You Use?
โ๏ธ Use ITR-3 if you maintain books of accounts โ๏ธ Use ITR-4 for presumptive taxation under Section 44AD or 44ADA
๐งฎ 3. GST & Other Compliance
๐ GST registration is mandatory if your turnover exceeds โน20 lakh (โน10 lakh in special states) ๐ You must maintain proper invoices, records, and file GST returns (if applicable)
๐ธ 4. Claim Business Expenses & Deductions
Save more on taxes by claiming: ๐ข Office rent, ๐ผ employee salaries, ๐ utility bills, ๐ข marketing expenses ๐ป Depreciation on assets like laptops, machinery, furniture
๐๏ธ 5. Advance Tax & TDS Requirements
If tax liability > โน10,000/year, pay advance tax quarterly
If hiring staff or contractors, deduct and deposit TDS as required
๐ View the complete infographic here: ๐ On Flickr ๐ On Pinterest
This guide is a must for small business owners, freelancers, and consultants in India. Stay compliant, reduce tax stress, and optimize your filings! โ
