Proprietorship firms are required to maintain compliance like LLPs and Companies registered in India. Proprietorship firm compliance mainly includes filing of income tax return, while corporate entities like LLP and Company require both income tax return filing with the Income Tax Department and annual return filing with the Ministry of Corporate Affairs. In addition to the basic compliance, proprietorship firms may also be required to comply with TDS regulations, GST regulations, VAT / CST regulations, Service Tax regulations, ESI regulations and others. The compliance requirement for a business would vary based on the type of entity, industry, state of incorporation, number of employees and sales turnover.
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Income tax filing must be filed by all proprietorships having a taxable income over the exemption threshold. In some cases, tax audit would also be required.
Under the GST regime proposed to be rolled out in 2017, proprietorships having GST registration would be required to file monthly, quarterly and annual GST returns.
ESI return must be filed by all proprietorships having ESI registration. ESI registration is required once the proprietorship employs over 10 employees.
Quarterly TDS returns must be filed by proprietorships that have TAN and are required to deduct tax at source as per TDS rules.