Tax Rates for Proprietors:
Tax rates vary based on income range and age category.
Rates range from NIL to 30%, with surcharge applicable for higher incomes.
Tax Audit Requirement:
Mandatory if turnover exceeds INR 1 crore or receipts surpass INR 50 lakh for professionals.
Presumptive tax scheme enrollees require tax audit regardless of turnover.
ITR Forms for Filing:
Use ITR-3 for HUF-run or multi-proprietor businesses.
Employ ITR-4 for presumptive taxation scheme participants.
Due Dates for Filing ITR:
July 31st: No tax audit required.
September 30th: Tax audit necessary.
November 30th: For firms with international transactions.
Filing Procedure:
File returns online through the e-filing portal.
Log in using PAN, provide details, and e-verify before submission.