A sole proprietorship is an business entity which is owned and runned by one person. The sole proprietorship firm is most common type of business entity used for doing business in India and is suited for small setup as it has least compliance as per law.
The only manadatory compliance requirement of sole proprietoship firm is to file its Income tax return annualy rest compliances are need based compliances and depends upon turnover and other factors of sole properitorship firm example GST registration is mandatory if annual turnover of company is more than INR 2,000,000 TAN registration mandatory if vendor payment is more than INR 30,000 in a year etc.
Following are compliances to be done by Sole Proprietorship firm in a year
Monthly Compliances for Sole Proprietorship firm
- Monthly GST return filling
Quarterly Compliances for Partnership firm
- TDS Return filling
Annual Compliances for Partnership firm
- Annual GST return filling
- Income tax return filling