Filing Income Tax for Proprietorship Firms

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.