Simplifying Taxes for Sole Proprietors with Expert Guidance
At GISSR, we specialize in providing end-to-end tax and financial solutions for sole proprietors across India. Whether you're a freelancer, consultant, shop owner, or running a small business, our dedicated experts help you manage your taxes, plan your investments, and ensure compliance — all while aligning with your long-term financial goals.
What is a Proprietorship?
A Proprietorship is the simplest form of business structure in India, owned and operated by a single individual. While it offers ease of setup and control, it also places the responsibility of tax filing, compliance, and financial planning entirely on the proprietor.
- Smart tax planning and compliance
- Customized investment management
- Seamless financial reporting
- Long-term wealth creation strategies
Our Step-by-Step Management Process
We follow a structured approach tailored for proprietors to ensure your business and personal finances are aligned:
Financial Assessment
We begin by analyzing your income sources, business expenses, risk profile, and financial aspirations.
Customized Strategy Development
Our advisors craft a personalized tax and investment plan, ensuring optimal savings and efficient returns.
Implementation & Monitoring
We implement the plan, manage investments, monitor performance, and adjust as needed to reflect market conditions and life events.
Managing your money isn’t just about saving taxes—it’s about building wealth. Our investment management services include:
- Tailored strategies aligned with your financial goals
- Tax-efficient investments for maximum benefit
- Active monitoring to respond to market changes
- Risk assessment to protect and grow your wealth
- Diversified portfolios for balanced growth and stability
- Retirement and estate planning for long-term security
Frequently asked questions
No, but registration offers greater legal protection and makes it easier to resolve disputes and enforce rights in court.
With GISSR, it typically takes 7–10 working days, depending on document readiness and state-level processing.
Yes, once your firm is registered, you can open a current account in your firm’s name with the Registration Certificate and PAN.
No. The sole shareholder – director must be an Indian citizen who has stayed in India for at least 120 days in the previous financial year. NRIs can instead register a private limited company or LLP.
Only if the company’s annual turnover exceeds ₹40 lakh (₹20 lakh for service businesses) or if it supplies goods or services across state borders/e-commerce platforms. Otherwise, GST is optional.
The pre-designated nominee automatically becomes the new member-director after filing a simple intimation with the Registrar of Companies, ensuring business continuity without legal hiccups. Sources Ask ChatGPT
A minimum of two Designated Partners is mandatory. There’s no upper limit, and at least one Designated Partner must be an Indian resident.
Only if either annual turnover exceeds ₹40 lakh or capital contribution exceeds ₹25 lakh. Below those thresholds, audit is optional.
Yes. Under Section 366 of the Companies Act 2013, an LLP can convert to a company once it meets share-capital requirements and secures 100 % partner consent.
The Companies Act 2013 no longer prescribes a minimum paid-up capital. You may start with as little as ₹1.
With complete documents, GISSR typically delivers Certificate of Incorporation in 7–10 working days, including PAN–TAN allotment.
Yes. A company must appoint its first auditor within 30 days of incorporation and file ADT-1 within 15 days of the board resolution.
A minimum of two Designated Partners is mandatory. There’s no upper limit, and at least one Designated Partner must be an Indian resident.
Only if either annual turnover exceeds ₹40 lakh or capital contribution exceeds ₹25 lakh. Below those thresholds, audit is optional.
Yes. Under Section 366 of the Companies Act 2013, an LLP can convert to a company once it meets share-capital requirements and secures 100 % partner consent.
To qualify you must be ① incorporated as a Private Limited Company, LLP, or Registered Partnership Firm; ② not more than 10 years old from the date of incorporation; ③ have annual turnover below ₹100 crore in every financial year since formation; and ④ be working toward innovation, development, or improvement of products/services or have a scalable business model with high job-creation potential. Split or re-constituted entities are disqualified.
Not automatically. After receiving your Startup India certificate you must file a separate Form 80-IAC application on the Startup India portal. Once the Central Board of Direct Taxes approves, you can claim 100 % tax exemption on profits for any three consecutive years within your first ten. As of May 2025, 187 recognised startups have already secured this benefit.
No. The July 2024 Union Budget scrapped Section 56(2)(viib), commonly called the angel tax. Recognised startups can now raise capital above fair-market value without the 30.9 % levy, making fundraising simpler and investor-friendly.
In most cities, any premises used for commercial activity—even a residential flat or an e-commerce packing room—needs either a regular Trade License or a “home occupation” permit. Always check your municipal bye-laws: some allow low-impact, non-customer-facing work (e.g., freelance design) without a license, while others mandate registration for all revenue-generating use.
Typical requirements include: ID & address proof of the proprietor/partners/directors (Aadhaar, PAN). Proof of premises – lease deed, rent agreement, or property tax receipt. NOC from the landlord (if rented) + society/ apartment approval where applicable. Layout plan or photograph of the establishment. Industry-specific clearances – FSSAI for food outlets, PCB consent for manufacturing, Fire-Safety Certificate for high-footfall venues. (Note: Municipal corporations may ask for additional papers such as health certificates, GST registration, or signage drawings.)
Processing time varies by state/ULB but generally ranges from 7 to 21 working days when documents are error-free. Running a business without a valid Trade License can attract daily penalties, forced closure, and prosecution under municipal Acts. In many cities, fines start at ₹ 500 – ₹ 1,000 per day and escalate quickly, so timely compliance is far cheaper than post-facto regularisation.
Yes. Businesses that sell through e-commerce platforms (Amazon, Flipkart, Shopify, etc.) must register for GST regardless of turnover. Without a GSTIN, the marketplace will not let you list or ship products.
Proprietor: PAN, Aadhaar, photograph, proof of principal place of business (electricity bill/ rent deed + NOC). Partnership/LLP/Company: PAN of entity, incorporation certificate/ partnership deed, partner or director KYC, board resolution (companies), and business-address proof. A cancelled cheque or first-page bank statement is mandatory for all entities.
Absolutely. If your aggregate turnover is ≤ ₹1.5 crore (₹75 lakh in special states) and you sell only within your state, you may choose the Composition Scheme while applying—paying tax at a lower flat rate and filing Form CMP-08 quarterly instead of monthly GSTR-3B. You can switch to the regular scheme later if interstate sales or higher turnover arise. Sources Ask ChatGPT
Basic Registration – Turnover up to ₹12 lakh per annum. State Licence – Turnover ₹12 lakh–₹20 crore (or operators with limited interstate activity). Central Licence – Turnover above ₹20 crore, import/export of food, or operations in multiple states.
When documents are flawless, Basic Registration arrives in 7 working days (no inspection). State or Central Licences generally issue in 30–45 days, including site inspection and query resolution.
Running a food business without registration can attract fines up to ₹5 lakh and imprisonment of up to six months under Section 63 of the FSS Act. Products may also be seized or recalled, so timely compliance is critical. Sources Ask ChatGPT
State Licence: Turnover ₹ 12 lakh–₹ 20 crore and operations confined to one state. Central Licence: Turnover > ₹ 20 crore, any importer/exporter, e-commerce platform, 100 % EOU, or multi-state manufacturing/warehousing.
With complete documents, State Licences are typically issued in 30–40 days; Central Licences may take 45–60 days owing to stricter scrutiny and lab tests. Early application and flawless paperwork reduce delays.
Running a medium- or large-scale food business without a valid FSSAI Licence can trigger fines up to ₹ 5 lakh, product seizure, and even imprisonment under Section 63 of the FSS Act—plus reputational damage that’s hard to reverse. Sources Ask ChatGPT
Any entity holding a valid Importer-Exporter Code (IEC)—whether proprietor, partnership, LLP, or company—can create an ICEGATE account. Customs brokers and freight forwarders may register as Service Providers using their G-Card/F-Card credentials.
IEC certificate (10-digit) PAN of the business/ proprietor GSTIN (optional but recommended for IGST refund mapping) Address proof (electricity bill / lease deed) Bank proof (cancelled cheque) Class-III DSC token or Aadhaar e-sign (for proprietors)
With flawless documents, ICEGATE usually approves registration within 24–48 working hours. Mismatched IEC-PAN details or DSC errors trigger queries that can extend the timeline, so ensure information is identical across DGFT and GST databases.
Any individual, firm, LLP, or company that imports or exports goods/services must obtain an IEC, unless the shipment value is ≤ ₹25,000 and falls under specified exceptions (e.g., bona-fide gifts).
PAN of the entity/individual Address proof (electricity bill, lease deed, or property tax receipt) Bank proof (cancelled cheque or bank certificate) Digital Signature Certificate or Aadhaar-based e-sign (for proprietors) All details must match exactly across PAN, GST, and bank records to avoid DGFT rejection.
The IEC is valid for life, but since July 2021 you must confirm or update particulars on the DGFT portal once every year (April–June). Failure to do so auto-deactivates the code, though it can be reactivated after filing the update. Sources Ask ChatGPT
ISO certificates are typically valid for three years. Surveillance audits are conducted annually (Year 1 and Year 2) to ensure ongoing compliance, and a recertification audit is required in Year 3 to renew validity.
Yes. Documented procedures, process maps, risk registers, and a Quality/Environmental/Safety manual (as applicable) must be in place and followed for at least 1–2 months before the external audit. GISSR provides templates and on-site/virtual training to make this quick and painless.
No, ISO standards complement—not replace—legal compliance. For instance, ISO 45001 requires adherence to local safety laws; ISO 14001 references environmental regulations. Certification bodies verify you have processes to identify and meet all relevant laws, but they do not grant legal exemptions.
Registration is compulsory once your total employee strength reaches 20 (counting full-time, part-time, and contract workers). Firms with fewer employees may register voluntarily to offer social-security benefits and build employer reputation.
Certificate of Incorporation / Partnership Deed / LLP Agreement PAN of the entity GST certificate (if applicable) Address proof of the establishment (utility bill / rent deed) Specimen signatures of authorised signatories Employee details: Aadhaar, PAN, salary breakup, date of joining
Operating without mandatory PF registration can attract damages of up to 100 % of arrears, interest at 12 % per annum, and prosecution under Sections 14(1) & 14A of the Act. Timely registration prevents hefty back-payments and legal action.
Any establishment with 10 or more employees (20 in some states for shops) must obtain an ESI Employer Code within 15 days of crossing the limit. Voluntary registration is also allowed for smaller businesses that wish to offer benefits.
Certificate of Incorporation / Partnership Deed / LLP Agreement GST or Trade Licence and PAN of the entity Address proof of premises (utility bill / lease deed) List of all employees with Aadhaar, PAN, date of joining, and salary details Specimen signature of authorised signatory and cancelled cheque of the company bank account
Failure to register or remit ESI contributions invites interest at 12 % p.a. and damages up to 25 % of the amount due. Persistent default may lead to prosecution and attachment of bank accounts under Sections 85–86 of the Act. Timely compliance is far cheaper than retrospective settlements.
You must hold an RCMC before applying for most DGFT incentives (e.g., RoDTEP, MAI funding) or participating in EPC-sponsored trade fairs. For general exports without incentives, an RCMC is optional but strongly recommended.
Choose the EPC or Commodity Board that covers your principal product line or service. Multiple products? Register with FIEO (Federation of Indian Export Organisations). Agro/food products? Opt for APEDA or MPEDA, depending on HS code. Engineering goods? Select EEPC India. GISSR maps your HS codes to the correct body to prevent mis-registration.
IEC certificate, PAN, GSTIN Incorporation/partnership deed, MoA/AoA Export turnover statement (or self-declaration for new exporters) Bank certificate or cancelled cheque Product list with HS codes With flawless documents, most councils issue the RCMC within 5-10 working days.
As of January 2024, Class 3 DSCs have replaced Class 2 for all statutory portals. Whether you’re a director filing ROC forms, an exporter on ICEGATE, or a contractor bidding on GeM, you need a Class 3 Individual or Organisation DSC.
Individuals: PAN, Aadhaar-linked mobile number, live video KYC (1-minute selfie with code). Companies/LLPs: Above docs for authorised signatory + Certificate of Incorporation, board resolution (or LLP consent), and GSTIN/PAN of entity. All files are uploaded digitally; no printing or courier needed.
With flawless e-KYC, GISSR issues your DSC within 1–2 hours. The cryptographic key is loaded onto a FIPS-compliant USB token, shipped by express courier or collected in-office. You’ll also receive the .pfx file download and installation guide by email.
Any proprietorship, partnership, LLP, company, or co-operative whose investment & turnover fall within MSME limits (Micro: ≤ ₹1 cr / ₹5 cr; Small: ≤ ₹10 cr / ₹50 cr; Medium: ≤ ₹50 cr / ₹250 cr) can apply using the owner’s Aadhaar and the entity’s PAN.
Yes. Since April 2021, the portal automatically pulls financial data from the GST and Income-Tax systems. Without a valid GSTIN (except for entities exempt from GST), the application will not proceed.
The UDYAM certificate has no expiry date, but classification is reviewed every year after you file I-T & GST returns. If investment or turnover exceed the MSME threshold for two consecutive FYs, you must update the portal; your status will auto-upgrade (or downgrade) in the next cycle.
Any individual, partnership, LLP, company, NGO, or even a foreign entity can apply. The applicant need not be actively using the mark yet but must have a bona-fide intention to use it in commerce.
With no objections or oppositions, registration typically completes in 8–12 months. Once granted, the trade mark is valid for 10 years from the filing date and can be renewed indefinitely in further 10-year blocks.
Yes. India follows the Nice Classification (45 classes). If your brand spans multiple classes—e.g., clothing (Class 25) and cosmetics (Class 3)—you must file a separate application (or a multi-class application) covering each class to secure full protection. Sources Ask ChatGPT
No. We set up a cloud instance of QuickBooks, Zoho Books, or Tally (your choice) and migrate any existing data at no extra cost.
You’ll get a monthly financial pack—P&L, balance sheet, cash-flow statement, and KPI dashboard. Weekly summaries and custom MIS can be added to higher-tier plans.
Absolutely. We use 256-bit encryption, role-based access controls, and ISO-27001-certified servers. A non-disclosure agreement is standard in every engagement.
Common triggers include salaries (no threshold), contractor payments (≥ ₹30,000 single bill or ₹1 lakh annual), professional fees (≥ ₹30,000), rent (≥ ₹2.4 lakh per year) and interest (bank FD interest over ₹40,000/₹50,000 for senior citizens).
TDS challan details (CIN) or net-banking screenshots Deductee break-up (PAN, amount paid, section, rate) Salary sheets & Form 16 data (for 24Q) Any lower-rate certificates (Form 13) received from vendors
You’ll owe late-fee @ ₹200 per day (capped at the TDS amount) plus interest: 1 % per month from deduction date to deposit date 1.5 % per month from deduction date to actual payment date to government The return must still be filed—penalties stop accruing only after submission.
GSTR-1 – outward supplies (monthly for > ₹5 cr turnover; else quarterly under QRMP). GSTR-3B – tax payment summary (monthly or quarterly). CMP-08 – for Composition taxpayers (quarterly). GSTR-9 & 9C – annual return and audit (mandatory if turnover > ₹5 cr). Our team evaluates your turnover and scheme to build the correct calendar.
Sales & purchase invoice data (Excel, CSV, or direct ERP access). Debit/credit notes, advance-receipt details, e-invoice IRNs. E-way-bill logs (if applicable). GST portal credentials for one-click API upload. We sign an NDA and use 256-bit encryption to keep data secure.
You face late-fee of ₹50 per day (₹25 CGST + ₹25 SGST) for GSTR-3B and GSTR-1; nil returns incur ₹20 per day. Interest at 18 % p.a. accrues on unpaid tax. Consistent delays also lower your compliance rating, trigger notices, and block e-way-bill generation.
ADT-1 (auditor appointment) within 15 days of AGM AOC-4 (financial statements) within 30 days of AGM MGT-7 or 7A (annual return) within 60 days of AGM Directors must also file DIR-3 KYC every year.
Yes. Most forms allow resubmission by filing a “revised” version with corrected data. However, standard late-fees still apply, and once the ROC has taken the form “on record,” you may need approval via the GNL-2 compounding route.
The ROC can mark the company “ACTIVE non-compliant,” impose cumulative late-fees, and even strike it off. Directors may be disqualified under Section 164(2) for five years, blocking them from forming or managing any other company.
ITR-1 (Sahaj): Salary, one house property, interest income, and total income ≤ ₹50 lakh. ITR-2: Capital gains, multiple properties, or foreign assets without business income. ITR-3: Business/professional income (proprietorship). ITR-4 (Sugam): Presumptive taxation under Sections 44AD/ADA/AE with turnover ≤ ₹2 crore (goods) or ₹50 lakh (services). GISSR evaluates your income mix and picks the correct form automatically.
Form 16 / salary slips AIS & 26AS PDFs (or login credentials for secure fetch) Bank & demat statements for capital gains Details of Section 80C/D/G, home-loan interest, and other deductions Aadhaar-linked mobile number for e-verification All data is transferred via 256-bit-encrypted channels and covered by NDA.
You can still file a belated return until 31 December 2025, but: Late-fee: ₹1,000 (income ≤ ₹5 lakh) or ₹5,000 (income > ₹5 lakh). Interest: 1 % per month on unpaid tax from due date to payment date. Losses (except house-property) cannot be carried forward. Filing after 31 Dec requires a condonation request and CBDT approval—avoid this hassle by filing on time with GISSR.
ECR (Electronic Challan-cum-Return): Upload & pay by the 15 th of the following month. Form 3A & Form 6A (Annual): Submit by 30 April for the financial year just ended. We handle both cycles and reconcile any arrears in the same workflow.
Simply share your final salary register (gross wages, PF-eligible wages, and UAN for each employee). If first-time filers, add UAN-KSY forms for new joinees and any exit details for resigned staff. We take care of TXT conversion, DSC signing, and payment.
Interest (Sec 7Q): 12 % p.a. from the due date until actual payment. Damages (Sec 14-B): 5 % to 100 % of arrears, depending on delay length (e.g., 10 % if 2-4 months late, 100 % if > 6 months). Continued default may trigger inspections, bank-account attachment, or prosecution. Filing on time with GISSR is far cheaper than retrospective cleanup.
Monthly ESI Challan: Pay employer (3.25 %) and employee (0.75 %) shares by the 15 th of the next month. Form ESI-6 (Half-Yearly Return): File for Apr–Sep by 11 Nov and for Oct–Mar by 11 May.
Just share your final salary register—employee names, insured numbers (IP), gross wages, and ESI-eligible wages. We convert it into the prescribed XML/TXT, sign with DSC, and upload.
Interest at 12 % p.a. accrues from the due date, plus damages up to 25 % of outstanding dues. Persistent default can trigger inspections, bank-account attachment, and prosecution. Timely filing with GISSR is far cheaper than retrospective clean-ups.
We offer tax filing, GST compliance, investment management, financial advisory, and business planning specifically designed for sole proprietors.
If you're unsure about how to manage your business finances, plan for retirement, or save taxes efficiently, our consultants can help you with expert strategies aligned with your goals.
Absolutely. Our solutions integrate both personal and business finances to help you make better decisions and achieve holistic growth.