Running a business as a sole proprietor in India? Filing your Income Tax Return (ITR) isn't just mandatory—it's essential to stay compliant, claim deductions, and build a strong financial record for your business.
At FirstStartup, we simplify ITR filing for proprietors with expert assistance, accurate compliance, and timely submission.
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A proprietor is an individual who owns and operates a business under their name without forming a separate legal entity. Since a proprietorship isn't distinct from the owner, the business income is treated as the individual's personal income.
Presumptive taxation allows you to declare income at a fixed rate of your turnover without maintaining detailed books.
If your turnover exceeds ₹1 crore (or ₹10 crore with 95% digital transactions), a tax audit is mandatory under Section 44AB.
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