Income Tax Return – Proprietor
A proprietorship's business income is taxed in the proprietor's own hands, which means the return needs a clear computation of business profit, allowable expenses and any presumptive taxation option.
A proprietorship's business income is taxed in the proprietor's own hands, which means the return needs a clear computation of business profit, allowable expenses and any presumptive taxation option. We prepare proprietorship ITRs with this computation done carefully.
What's included
- Computation of business income (regular books or presumptive scheme)
- Review of allowable business expenses and deductions
- Preparation of the profit & loss statement and balance sheet, where required
- E-filing of the return with the correct ITR form
Who this service is for
Sole proprietors running a trading, service or professional business.
Documents typically required
- Sales and purchase records for the year
- Expense records/bills
- Bank statements for the business account
- GST returns filed during the year, if registered
Frequently asked questions
Should I opt for presumptive taxation or regular books?
It depends on your turnover and expense structure we'll walk you through which option is more beneficial and compliant for your business.
Do proprietors need an audit?
An audit is required only if turnover/income crosses specified thresholds, or in certain presumptive-taxation scenarios; we'll confirm applicability based on your figures.
Tell us your situation.
We'll advise you free.
Book a no-obligation consultation and we'll confirm exactly what Income Tax Return – Proprietor involves for your specific situation, along with clear timelines and next steps.