How to file Income Tax Return for Sole Proprietorship in India?

Steps to File an Income Tax Return for a Proprietorship using eFiling:

Obtaining a PAN card is the first step. Every taxpayer receives this card from the Internal Revenue Service. It gives the cardholder a one-of-a-kind Permanent Account Number (PAN), which is required to pay taxes.

Because a proprietorship lacks a separate legal entity, the proprietor’s PAN must be used to pay taxes and file returns.

You must first register at the e-filing portal; if you are already registered, you must log in with your PAN.

Then go to the e-filing menu and choose ‘Income Tax Return.’

You must select the following options on this page: – Year of assessment – ITR form – Type of filing (original/revised) – In the submission mode, choose prepare and submit.

Continue by pressing the enter key. The new page is where you must carefully fill out all of the information requested.

Some information will be required, while others will be dependent on the applicability.

After you have completed all of the required fields, you will need to select a verification method. There are three options for filing: two for electronic filing and one for physical filing. – Choose e-verify to have the filing verified straight immediately. – E-verify later within 120 days, giving you time to update any required information. – Choose ‘I do not want to e-verify’ to proceed manually.

Select ‘Preview and Submit’ from the drop-down menu. You can preview the return before submitting it to double-check for problems.

You can validate the filing through OTP or EVC (Electronic Verification Code) after submitting it via the e-verify option. For successful verification, the OTP/EVC must be submitted within 60 seconds.

Related Read: Electronic Filing (E-Filing) Income Tax? And Advantages of electronic filing of Income Tax