Proprietorship Compliance
Proprietorship compliance refers to the legal and regulatory requirements a sole proprietor must follow. This includes income tax filing, GST registration and returns (if applicable), maintaining books of accounts, and obtaining necessary business licenses to operate legally and efficiently.
Proprietorship Compliance
At Easy My Tax, we help sole proprietors stay compliant with all legal and financial regulations. Proprietorships are the simplest form of business structure, but they still require proper documentation and timely filings to avoid penalties.
Key Compliance Requirements for Proprietorships:
Business Registration
Depending on your state or activity, registration under a local authority or UDYAM (for MSME) may be required.
PAN and GST Registration
A PAN card in the proprietor's name is mandatory. GST registration is required if your turnover crosses the threshold limit or if you're involved in interstate trade.
Income Tax Filing
The proprietor must file income tax returns under their personal PAN, reporting all business income and expenses.
TDS Compliance
If applicable, TDS must be deducted and deposited as per income tax rules.
Accounting and Bookkeeping
Proper maintenance of financial records is essential for tax filing and business management.
Other Licenses
Depending on the nature of the business, you may need licenses like FSSAI, trade license, or professional tax registration.
Why Choose Easy My Tax?
We simplify compliance by handling registrations, tax filings, and financial records for your proprietorship. With Easy My Tax, you stay compliant while focusing on running your business.
