Reta Advisories is Income TAX Return Filing  Consultants in Bangalore & provides ITR  Filing starts @2499/-
Every person who is earning income more than basic exemption limit need to file income tax return within due date.

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Income Tax Return Filing

All individuals (except for super senior citizens) are required to file their ITRs electronically. The ITR-1 for FY 2018-19 can’t be filed in paper format by the taxpayers having income below Rs 5 lakh with no refund. Unless extended by the govt, July 31 is that the last date to furnish the income tax return (ITR). Although there are several ITR forms counting on the income source, the selection will depend upon the character of one’s own income and accordingly that form has got to be filled up. A self-occupied property is one that’s occupied throughout the year by the taxpayer for his residence. Such individuals need to file ‘Form ITR-1 SAHAJ’ which is to be used “For individuals being a resident aside from not ordinarily resident having Income from Salaries, one house property, other sources (Interest, etc.) and having total income up to Rs 50 lakh.

Proprietorship firms are required to file tax returns like LLPs and corporations registered in India. Since proprietorship firms are considered to be one and therefore the same because the proprietor, the tax return filing of the proprietorship firm is that the same as that of the proprietor. Under the tax Act, all proprietors below the age of 60 years are required to file tax returns if total income exceeds Rs. 2.5 lakhs. within the case of proprietors over the age of 60 years but below 80 years, tax filing is mandatory if total income exceeds Rs.3 lakhs. Proprietors over the age of 80 years and above are required to file a tax return if the entire income exceeds Rs.5 lakhs. Reta Advisories provides tax return filing for thousands of small and medium-sized proprietorship firms across the country. Get in-tuned with a Reta Advisories Tax Expert to file the tax return for your proprietorship firm today.

Tax Audit for Proprietorship Firm

An audit would be required for a proprietorship firm if the turnover is over Rs.1 crore during the previous year. within the case of professional, an audit would be required if total gross receipts are quite Rs.50 lakhs during the previous year under assessment. Also, an audit would be required for any proprietorship firm under presumptive taxation scheme regardless of turnover if the income claimed is less than the deemed profits and gains under the scheme.
Due Date for Proprietorship Firm Tax Return
The Income TAX return Filling of a proprietorship doesn’t require audit the due date is 31st July. just in case the tax return of a proprietorship must be audited as per the Income Tax Act, then the return would flow from on 30th September. Proprietorship firms would be required to file Form ITR-3 or Form ITR-4-Sugam. Form ITR-3 are often filed by a proprietor or a Hindu Undivided Family who is completing a proprietary business or profession. Form ITR-4-Sugam are often filed by a proprietor who would really like to pay tax under the presumptive taxation scheme. The presumptive taxation scheme is meant to assist ease the compliance burden of small businesses by assuming a group margin of profit on the entire income of the business or profession.
Income TAX Return filling Consultants Bangalore
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