Sole proprietorship is mainly a business that is managed as well as owned only by 1 individual. In such type of business, the owner of a proprietorship is personally accountable for all the debts and losses that take place in the business because the identity of the business is said to be the identity of the owner.   

You need to know that the yearly agreements of a sole proprietorship also include the filing of the income tax return as well as making the tax audit. Being a sole proprietor, you need to file an ITR if your yearly turnover is more than Rs.2.5 lakhs.   

However, always remember that tax return filing is an ethical responsibility. In order to build income stability for a personal or business loan, income tax filing on time is essential. To do the expansion of business, Sole proprietorship firms can also take the help of a bank to take a loan.   

An income tax return is considered as the vital document that banker often demands to check the credit score. 

Documents required for ITR Sole Proprietorship  

To file an income tax return, there are few requirements of documents. Some of them are stated below:

• Statements of purchases and sales during the year
• Bills of expenditures that took place in the entire year
• In the name of the firm, bank statements for all bank accounts
• If any then also submit the copy of TDS challans

Why choose us?  

At, BusinessBadhega.com, you can find a team of experienced managers who will support you in all matters and get the ITR file in a short time. You can also check the progress of your ITR on our online portal with just a mouse click. Therefore, we charge a very minimal price for filing an income tax return.