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Annual Compliances of Proprietorship


As per the provision of the Income Tax Act, the Annual Compliance of Proprietorship firms is also required to file income tax returns like LLPs and Companies registered in India. Proprietorship firm is considered as same as proprietor, in proprietorship firm the provision of income tax is similar to the proprietor.

Under the Income Tax Act, any proprietor below the age of 60 years must file his Income Tax Return of his income if his total income for the year exceeds Rs 2.5 lakhs. If the age of the proprietor falls between 60 and 80 years and his income exceeds Rs 3 lakhs then he must file ITR. However, if a proprietor’s age is more than 80 years and he is exempt from filing ITR if his income does not exceed Rs 5 lakhs. He must file ITR of his income exceeds this limit.

Due Date of Filling Income Tax Return:
  • If tax audit is not required in proprietorship firm then it must file the ITR by 31st
  • If a tax audit is required in a proprietorship firm then it must file the ITR by the 30th of September.
  • If the proprietorship firm needs to file Form 3CEB, it must file the ITR by the 30th of November.


Tax Audit of Proprietorship Firm:

As per the provision of Income Tax Act, it is mandatory to all Proprietorship Firm to get its books of accounts audited by Practicing Chartered Accountant in these conditions are under as follows:

  • If total sales, turnover or gross receipts exceeds Rs. 1 Crore in any previous year, in case of business;

Note: Provided that this section is not applicable to the person, who opts for presumptive taxation scheme under Section 44AD and his total sales or turnover does not exceed Rs 2 crores.

  • If total gross receipt of professional firm exceeds Rs 50 lakhs in any previous year.
  • If the proprietorship had opted for the presumptive scheme and the income claimed is lower than the deemed profits and gains under the scheme.
Income Tax Return for Proprietorship Firms:

The Income Tax Return for Proprietorship in ITR 3 or ITR 4 Sugam can be filed online on the e-filing portal of the government using the digital signature of the proprietor or through generating an Aadhar OTP or sending the signed copy of the ITR-V.

annual compliance of proprietorship
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