Proprietorship Return Filing

Proprietorship Return Filing

Proprietorship firms file income tax returns just like LLPs and Companies. Since the proprietorship and proprietor are considered one legal entity, business taxes are filed as individual returns.

Tax Slab Rates

New tax regime slabs from FY2020-2021 onwards:

• ₹0-2,50,000: NIL
• ₹2,50,001-5,00,000: 5%
• ₹5,00,001-7,50,000: 10%
• ₹7,50,001-10,00,000: 15%
• ₹10,00,000-12,50,000: 20%
• ₹12,50,000-15,00,000: 25%
• Above ₹15,00,000: 30%

Forms Required

• Form ITR-3: For proprietorship firms run by HUF or individual proprietors
• Form ITR-4: For presumptive tax scheme filers