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ITR- proprietorship/LLP
ITR- proprietorship/LLP
ITR- proprietorship/LLP
Here are 3 steps to complete your process
Provide profit & loss statements, balance sheets, and supporting documents.
Draft the income tax return based on business records and tax rules.
Submit the ITR and provide acknowledgment.
2 Minutes ago
If you have any queries related to our ITR- proprietorship/LLP service, please check the FAQ section below or contact us on the details given at the end of the page to discuss your queries.
The deadline is July 31 of the assessment year. However, if you are required to get your accounts audited, the deadline is September 30.
A Proprietorship should use ITR-3 or ITR-4, depending on whether they opt for presumptive taxation under Section 44AD, 44AE, or 44ADA.
An LLP should use ITR-5.
No, an audit is not mandatory unless the turnover exceeds the specified threshold (₹1 crore under Section 44AB).
Yes, an LLP must get its accounts audited if its turnover exceeds ₹40 lakhs.
PAN card, financial statements (Profit & Loss Account and Balance Sheet), bank statements, Form 26AS, and investment proofs for deductions.
PAN card, Certificate of Incorporation, LLP Agreement, audited financial statements, bank statements, and Form 26AS
Yes, a Proprietorship can claim deductions for various business expenses such as rent, salaries, utilities, and depreciation.
Yes, an LLP can claim deductions for business expenses similar to other entities, including salaries, rent, and other operational costs.
Late filing can result in penalties and interest charges. Additionally, you may lose the opportunity to carry forward losses or claim certain deductions.
Founder of YourLawPlace
Manoj Agarwal, Founder of YourLawPlace, brings over 34 years of experience in leadership and mentorship, with a passion for law, banking and compliance. Having guided numerous businesses and individuals through complex regulatory landscapes, he identified a pressing need for accessible and affordable legal services. With a keen eye for detail and a commitment to empowerment, Manoj Agarwal established YourLawPlace to bridge this gap, providing end-to-end legal compliance assistance to businesses of all sizes.
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