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As the Proprietorship firms are same as the Proprietor. The income tax return filing for Proprietorship is also same as that of Proprietor. Under the provision of IT Act, all the Proprietors below sixty years need to file their ITR if their income exceeds 2.5 lakhs. For Proprietor between 60-80 years, having income more than three lakhs will also file ITR. However, the Proprietors above 80 years don’t have to file ITR unless their income exceeds INR 5 lakhs.
As a responsible citizen of the country, any Proprietor having income more than INR 2.5 lakhs should file ITR. It helps you comply with all the income tax laws and avoid penalties.
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2) Increase in credibility
3) Refunds of TDS
4) Easy approval of government tender
5) Offers self-employment
6) Quick visa processing
7) Carry forward of losses
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Any Proprietor below sixty years having income more than INR 2.5 lakhs shall pay tax.
Yes, they can get a refund on TDS if they have overpaid on their taxes.
Every employer who pays wages needs to file form 941, so, yes, you should file form 941.
Sole Proprietorship is not considered entities. So, they are not taxed twice.
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