If the proprietor ITR submits their income tax return by the due date, all business losses, if any, may be carried forward.

The Proprietorship Income Tax Return must be filed by July 31 of each year even if an audit is not necessary.

Income tax returns must be filed on September 31 of each year, if an audit is required.

As a sole proprietor, the following documents are required for ITR filing for Proprietorship Firm:

1. PAN card
2. Aadhar card
3. Bank account details
4. Income and Expenses Details
5. All Investment Details
6. Asset and Liabilities Details
7. Capital Gain Loss Reports
8. Interest Certificates etc. 

1. All Individual Business owners must submit a proprietorship income tax return in accordance with the Income Tax Act if the total income exceeds 3 lakhs.
2. Owners over the age of 80 must submit Sole Proprietorship Tax Returns if their revenue exceeds 5 lakhs.

Sometimes an audit of the proprietorship is necessary, depending on the annual turnover of the business. There are three situations in which an audit is necessary:

1. Over ₹1 crore was made throughout the assessment year by the proprietorship firm in operation
2. If a professional proprietorship's total annual receipts reach ₹50 lakh, an audit must be conducted
3. Regardless of the annual turnover, an audit is necessary if a proprietorship is subject to any presumptive tax scheme.

The proprietor's income tax is the type of tax that applies to sole proprietorships, and it must be filed without fail each year. The proprietorship ITR will be filed electronically using the E-sign. 

You will need to submit two distinct forms, depending on the type of ownership. Your PAN card must be included in the initial set of documents you submit to our experts.

1. ITR Form 3: If a hindu undivided family (HUF) or another owner is in charge of the proprietorship, they must use the ITR 3 Form.
2. ITR Form 4: This is utilised by sole proprietors who are subject to presumptive tax systems. By submitting this form, you can still take advantage of HUF deductions while easing the compliance load on small firms.

The ITR for proprietorship will then be registered in appropriate portals by our professionals. The scenario will determine the assessment year and proprietorship ITR filing type. After the process is finished, you will receive the necessary confirmation.

FINAUX is the finest choice if you're seeking for a hassel free process to file your proprietorship income tax returns. Our internal chartered accountants can audit your income while adhering to all the rules and regulations outlined in the Income-tax Act. All you have to do is get in touch with our professionals. In just 3 steps at the most reasonable price, they will finish proprietorship ITR file.

Expertise: Our team of tax professionals has extensive knowledge and experience in individual income tax return filing.

Personalized Approach: We understand that every taxpayer's situation is unique, and we tailor our services to your specific needs.

Compliance and Accuracy: We ensure your tax return is prepared accurately, complying with all applicable tax laws and regulations.

Time-Saving Convenience: Our streamlined process and user-friendly tools make tax return filing quick and hassle-free.

Confidentiality and Security: We prioritize the confidentiality and security of your personal and financial information.