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G K B & Associates
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0120-3130570
info@gkb.associates
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Proprietorship - ASC

At G K B & Associates, we make sure your proprietorship stays on top of all its yearly legal requirements, covering everything from tax filings to keeping up with new regulations. This way, you can concentrate on running your business smoothly, without having to stress about facing fines or official notices.

Benefits of Annual Statutory Compliance for Proprietorships

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    Avoid Penalties & Interest – Ensures your business is recognized as tax-compliant.
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    Smooth Loan & Credit Approvals – Proper records improve eligibility for bank finance.
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    Peace of Mind – Eliminates the stress of missing deadlines or facing legal issues.
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    Enhance Credibility – Builds trust with customers, suppliers, and stakeholders.

    • Process

    01
    Checking Things Over & Gathering Info

    We take a close look at how your business is set up, what taxes you owe, and your past tax records to figure out what rules you need to follow.

    02
    Getting Your Papers Ready

    We put together your Income Tax Return (ITR), GST returns, TDS returns, and any other necessary forms, making sure everything is spot on.

    03
    Submitting Everything On Time

    We send all your returns in online using the Income Tax Portal, GST Portal, and any other needed websites, and we make sure it's all done before the deadlines

    Documents Typically Required:

    1. PAN of proprietor
    2. Aadhaar of proprietor
    3. Business registration/license (if applicable)
    4. Previous year’s income tax return (ITR) copy
    5. Bank statements for the financial year
    1. Sales & purchase invoices
    2. Expense invoices/bills
    3. GST registration details & returns (if applicable)
    4. TDS challans & returns (if applicable)
    5. Details of investments, loans, or advances

    Frequently Asked Questions

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    Annual statutory compliance for a proprietorship firm includes fulfilling legal requirements like income tax return filing, GST returns (if applicable), TDS compliance, and other registrations based on the nature of the business.
    Yes, proprietorship firms must file income tax returns (ITR) every year. The income of the business is considered as the income of the proprietor and taxed as per the applicable slab rates.
    Audit is mandatory only if:
    • Annual turnover exceeds the threshold under the Income Tax Act (₹1 crore for business / ₹50 lakh for profession)
    • GST audit is required if annual turnover exceeds the GST limit (₹2 crore for audit purposes)
    If the proprietorship is registered under GST, it must file monthly/quarterly GST returns and annual GST returns depending on turnover and the scheme opted (regular/composition).
    Yes, if the proprietorship is liable to deduct TDS (for example, salary payments, contractor payments, rent, etc.), it must deduct TDS and file quarterly TDS returns.
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