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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
Find answers to common questions about ITR- proprietorship/LLP in India, including timelines, requirements for directors and shareholders, compliance obligations, and guidelines for foreign nationals to help you understand the process thoroughly
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.
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