WHAT IS THE INCOME TAX FILING OF A SOLE PROPRIETORSHIP?
Have you incorporated a sole proprietorship? Now, you need to start with the taxation and compliance procedure. To summarize, income tax filing is obligatory for all sole proprietorship companies. It is a puzzling method as the filing has to be done at the given due dates by the government. Thus, you need to take consultation by experts who would provide quality services. If you do take the aid of an experienced person, you would’ve to endure penalties of a tremendous amount. Therefore, you should sidestep from this possibility by getting a consultation from our experts.
So, in Pakistan, companies must file income tax returns of their income, profit, and loss. It will evade enormous amounts of penalties.
WHEN SHOULD WE DO INCOME TAX FILING?
For sole proprietorship companies, it should be done annually.
You can do it at the federal board of revenue’s website or office. You have to submit the documents that are mentioned below. If your accounts are not managed then, you need to go through one more stage.
You have to hire an accountant who will fix the company accounts. Afterward, you will hire a chartered accountant who will audit the accounts.
• Bank statements
• Internal accounts of the sole proprietorship (expense sheets etc.)
TIME DURATION
It depends upon the accounts management. If your accounts are arranged, then it will take 3 to 4 days. Otherwise, the time varies. Also, it greatly relies upon the government processing time and client document submission time.