Statutory Compliance for Proprietorship
Every Individual shall comply with Staututory requirements applicable to him for VAT, Service Tax and Income tax
1. File Sales Tax (VAT) Returns every Quarter within the due dates:
– 25 July – for April to June
– 25 October – for July to September
– 25 january – for October to December
– 25 April – for January to March
2. File Service Tax Returns every Half Year ( every 6 Months) –
– 25 October – for April to September and
– 25 April – for October to March
3. Income Tax Return every year before
– 31st July – All Cases except audit
-30th Sep if your turnover is More Than 1 Crore – Service Turnover More than 25 Lakhs
PROCEDURE FOR ANNUAL COMPALINCE FULFILMENT
1. Maintain Proper Books of Accounts.
2. Prepare and File Balance Sheet.
3. Comply with Sales Tax and Service Tax Requirements.
4. File Income Tax Returns with Income Tax Department.
Need for Annual Complaince
Late filing or non-filing of Sales tax Return before the due date will attract a penalty of Rs. 200 per Day.
Late filing or non-filing of Service Tax Return before the due date will attract a penalty of Rs. 200 per Day.