Personal Tax – Individual with Business Income

Description

Every Business in India is required to file Tax Returns for each year. A business is also required to deduct TDS and pay advance tax under the provision of the Income Tax act.

We PRANAV Advisors is the largest service platform that provides various services such as Incorporation, return filings, Tax Advisory, etc.

Proprietorship Tax Return Filing

Any individual who has business income is said to be operating a proprietorship firm. Proprietorships operating in India are required to file income tax returns each year. Since proprietorships are considered the same as those of the proprietor, the income tax return filing procedure is similar to individual income tax return filing. An individual has to file a single income tax return for all sources of income. Income can be from salary, capital gain or business. The ITR form to be filed will differ based on the nature of income, and the option of tax one opt for.

We at PRANV assist you in choosing the correct income tax regime.