Partnership

In case any individual below the age of 60 years run any proprietorship business  and have their taxable income which is more than rupees 2 lakh and fifty thousand  in any financial year so he/she have to file the proprietorship annual return timely.as we know this type of business are considered same as their propreitor who are running this so the filing of income tax return in case of this proprietorship is same as in case of proprietor income tax return.and the slab rates of income tax which is applicable on individual is applicable on this proprietorship.

In case the annual turnover of proprietorship is more than rs.1 crore during financial year so the audit is mandatory .

In case you are doing business of rendering any professional services so audit is only required when the total gross receipts of services is more than rupees 50 lakh during financial year.

Due date of filing of income tax return of proprietorship is:-

1. In case of audited financials -30^th september.
2. In case of non audited financials- 31.

There are two forms available for filing proprietorship income tax return that is:-

1. Itr-3 form in case of any proprietory business or profession.
2. Itr-4 form in case of income tax pay under presumptive taxation scheme.