Any individual who has business income is said to be operating a proprietorship firm. Proprietorships operating in India are required to file income tax return each year. Income tax return filing procedure for a proprietorship is similar to individual income tax return filing.
The income tax return of a proprietorship that doesn't require audit is due on 31st July.
Proprietorship firms would be required to file Form ITR-3 or Form ITR-4-Sugam. Form ITR-3 can be filed by a proprietor or a Hindu Undivided Family who is carrying out a proprietary business or profession. Form ITR-4-Sugam can be filed by a proprietor who would like to pay income tax under the presumptive taxation scheme.