The annual income of the proprietor is considered the annual income of the Proprietorship firm. Hence, like other business/service entities which are registered under the Ministry of Corporate Affairs, the sole proprietorship firms are not required to file an annual report or financial statements with the MCA. The main and major statutory compliances to be made by these proprietorship firms are thus tax related periodic and annual compliances. However, some more periodic or annual compliances may also be required for the purposes of business regulation/recognition.
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