What is the deadline for filing an ITR for proprietors?

The deadline for filing ITR for proprietors typically falls on July 31st of each assessment year. However, it's advisable to check the specific deadline for the current financial year, as it can change.

How do I report GST-related income in my ITR?

You should report your GST-related income in the relevant sections of your ITR form. Include the total value of sales and services on which GST was collected.

Can I claim deductions for business expenses in ITR?

Yes, you can claim deductions for fair business expenses in your ITR. Ensure you maintain proper records and report them accurately to reduce your taxable income.

What should I do if I receive a notice from the Income Tax Department?

If you receive a notice, don't panic. Review the notice carefully, understand the issue, and respond promptly with the requested information or clarifications.

Is it necessary to hire a CA or tax professional for ITR filing?

While it's not mandatory, hiring a CA or tax professional can ensure accurate and hassle-free ITR filing, especially if you have complex financial situations.

What are the consequences of not filing ITR as a proprietor?

Not filing ITR can result in penalties and legal troubles. It may also affect your ability to obtain loans, visas, or government contracts.

Can I file ITR online if I have multiple businesses as a proprietor?

Yes, you can file an ITR online even if you have multiple businesses. Ensure you choose the appropriate ITR form and report income from each business separately.

How can I check the status of my filed ITR?

One can check the status of their filed ITR on the official Income Tax Department website using your Permanent Account Number (PAN) and acknowledgement number.

Are there any penalties for late ITR filings for proprietors?

Yes, there are penalties for late ITR filings. Depending on the delay, you may be liable for penalties, and interest.

Can I revise my ITR if I made a mistake in the initial filing?

Yes, you can revise your ITR if you made a mistake in the initial filing. Use the online portal to submit a revised return, but make sure to do it within the specified timeframe.

Blog Post

BACK TO HOME

Simplified Guide to Filing Income Tax Returns for Proprietors in India

Feb 8, 2024

Editor

Category: Blog Post, Professional Services

Introduction

Income Tax Return (ITR) filing is vital for business owners, especially those operating as sole proprietors or in a proprietorship firm. Let’s explore the basics of ITR for proprietors and ITR for proprietorship firms, and underscore the importance of compliance, with a specific focus on GST in India.

Understanding the Basics

Income Tax Return for Proprietorship:

Want complete access to this blog?

RELATED

AI for Small Business: How to Start Without Feeling Overwhelmed

Starting a small business is challenging enough without the added worry of mastering new technology like artificial intelligence. Yet, AI for small businesses can be a game-changer, simplifying tasks ...

by EditorEditor

Jun 28, 2025

AI for Small Business Marketing: Save Time, Boost Visibility, and Scale Fast

For small business owners, marketing can feel like a full-time job—crafting posts, sending emails, and building a brand, all while managing daily operations. AI for small business marketing changes ...

by EditorEditor

Jun 26, 2025

AI Tools for Small Business: Start with These 20 High-Impact Solutions

Running a small business can feel like juggling endless tasks with limited time and money. From marketing to bookkeeping, every second matters. Thankfully, AI tools for small businesses are making wor...

by EditorEditor

Jun 24, 2025

Artificial Intelligence for Small Business: Key Takeaways from Dr. Ameya Pangarkar’s Podcast

Imagine a world where small businesses, from boutique clothing shops to home-based food ventures, can compete with industry giants without incurring significant costs. This isn’t a distant dream—i...

by EditorEditor

Jun 22, 2025

How to Manage a Team as a Leader: Lessons for Small Business Owners

Leading a small business demands versatility, but how to manage a team as a leader is the skill that truly shapes success. In deAsra Foundation’s dreamBIG podcast series, Mr. Adwait Kurlekar, a 30-y...

by EditorEditor

Jun 18, 2025

Simplified Guide to Filing Income Tax Returns for Proprietors in India

Introduction

Understanding the Basics

Want complete access to this blog?

Step 1 of 2

Like the blog?

Sign-in to continue reading!

AI for Small Business: How to Start Without Feeling Overwhelmed

AI for Small Business Marketing: Save Time, Boost Visibility, and Scale Fast

AI Tools for Small Business: Start with These 20 High-Impact Solutions

Artificial Intelligence for Small Business: Key Takeaways from Dr. Ameya Pangarkar’s Podcast

How to Manage a Team as a Leader: Lessons for Small Business Owners

Leave a Reply Cancel reply

Like the blog?

Sign-in to continue reading!