Proprietorship firms are required to file income tax return like LLPs and Companies registered in India. Since proprietorship firms are considered to be one and same as the proprietor, the income tax return filing of the proprietorship firm is the same that of the proprietor. Under Income Tax Act, all proprietors below the age of 60 years are required to file income tax return if total income exceeds Rs. 2.5 lakhs. In the case of proprietors over the age of 60 years but below 80 years, income tax filing is mandatory if total income exceeds Rs.3 lakhs.
Proprietors over the age of 80 years and above are required to file income tax return if the total income exceeds Rs.5 lakhs. IndiaFilings provides income tax return filing for thousands of small and medium sized proprietorship firms across the country. Get in touch with an IndiaFilings Tax Expert to file the income tax return for your proprietorship firm today.
