End-to-End Tax & Compliance Solutions for Sole Proprietors
Running a sole proprietorship in India means the proprietor must manage both business operations and several tax & legal obligations.
At Nd Salva Advocates & Legal Consultants, we provide comprehensive support for Income Tax, GST, TDS, EPF, accounting, and audit compliance—ensuring your sole proprietorship stays legally sound and financially optimized.
What is a Sole Proprietorship?
A sole proprietorship is the simplest business structure where the proprietor and the business are legally the same entity.
All business income is treated as personal income of the proprietor and taxed accordingly under individual tax slabs.
Is ITR Filing Mandatory?
- Yes, if gross total income exceeds the applicable basic exemption limit:
- Below 60 yrs – ?2.5 Lakhs
- 60–80 yrs – ?3 Lakhs
- 80+ yrs – ?5 Lakhs
Filing an ITR is also essential for carrying forward business losses and claiming important deductions.
Income Tax Slabs (Old & New Regime)
- Old Regime: Varies by age (5%, 20%, 30%)
- New Regime: 0% to 30% based on income from ?3L to ?15L+
- Surcharge: 10% to 37% based on income level
- Cess: 4% on total tax
Presumptive Taxation (Section 44AD)
- Turnover up to ?2 Crores
- Income presumed at:
- 8% on cash receipts
- 6% on digital receipts
- No books of accounts required
- No audit required
ITR Filing Due Dates
- Without Audit – 31 July
- With Audit – 30 September
- International Transactions – 30 November
Applicable ITR Forms
- ITR-3 – For business & professional income
- ITR-4 Sugam – For presumptive taxation under Sections 44AD/ADA
Documents Required
- PAN & Aadhaar
- Bank statements
- Books of accounts
- TDS certificates (Form 16, 16A)
- Advance tax challans
Additional Tax Compliance
TDS Compliance
Forms 24Q, 26Q, 27Q, 26QB depending on payments made.
GST Returns
GSTR-1, GSTR-3B, GSTR-9, or GSTR-4 for composition scheme.
EPF Returns
Mandatory if 20+ employees are employed.
Books & Accounting
Required if turnover exceeds ?25 Lakhs or income exceeds ?2.5 Lakhs.
Tax Audit
Mandatory if turnover exceeds ?5 crores or presumptive income is lower.
Penalty Avoidance
Avoid interest, late fees, and statutory penalties.
Why Choose Nd Salva?
- Accurate & timely ITR filing
- GST, TDS & EPF compliance under one roof
- Expert legal review for every submission
- Specialized tax planning for proprietors
- Support for notices, scrutiny & audits