At Ask Associates, we understand the critical financial and legal responsibilities that come with running a Sole Proprietorship in India. Compliance with various tax and regulatory requirements is not just necessary but integral for the smooth operation and growth of your business. We offer comprehensive services designed to assist sole proprietors in navigating the intricate landscape of compliance seamlessly.

Why Choose Ask Associates?

Navigating compliance obligations can be daunting, but with Ask Associates, you have a partner dedicated to making the process efficient and hassle-free. Here’s why you should choose us:

1. Expert Assistance: Our team comprises experts well-versed in Indian tax laws and regulatory requirements. We provide tailored solutions to meet your specific needs.

2. User-Friendly Platform: We understand the value of simplicity. Our user-friendly platform ensures that even complex compliance tasks can be managed with ease.

3. Comprehensive Services: From Income Tax Returns to GST Returns, TDS Returns, EPF Returns, and more, we offer a wide range of services to fulfill all your compliance needs.

Income Tax Return Filing for Proprietorship

Running a sole proprietorship means your business’s tax responsibilities align closely with your personal tax obligations. Here’s what you need to know:

• Filing Obligation: Proprietorships must file income tax returns based on their total income and age, as per the Income Tax Act in India.

• Tax Rates: The income tax slab rates vary based on the proprietor’s age and net income range, as outlined by the Income Tax Department.

• Alternate Tax Regime: Proprietors can opt for an alternate tax regime under Section 115BAC, which offers different tax rates and exemptions.

Presumptive Taxation Scheme

For small taxpayers, the Presumptive Taxation Scheme under Section 44AD offers relief by allowing income calculation based on estimates, eliminating the need for detailed accounting records.