As a sole proprietor, your business income is taxed as your personal income. Filing your ITR on time (ITR-3 or ITR-4) ensures compliance, helps in loan approvals, and allows you to claim tax refunds.
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A sole proprietorship is not a separate legal entity; the owner and the business are the same for tax purposes. The business income is clubbed with the proprietor's other income (if any), and the ITR is filed under the proprietor's PAN.
ITR is the most critical document for proving income stability when applying for business or personal loans.
You can carry forward business losses to set off against future profits, reducing tax liability in subsequent years.
Late filing can attract a penalty of up to ₹5,000 under Section 234F, plus interest on unpaid taxes.
Claim refunds for excess TDS deducted from your payments by clients or banks.
Select ITR-3 (Regular Business Income) or ITR-4 (Presumptive Income Scheme).
Calculate total income, expenses, and tax liability after deductions.
Upload the JSON file on the Income Tax Portal or file directly online.
E-verify the return using Aadhaar OTP or Net Banking within 30 days.
We provide a dedicated Startup Advisor, monthly compliance status reports, and ensure 100% accurate filing at the lowest fees in the market.
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