Firm/Proprietor ITR with Advisory

Service Description

Filing an Income Tax Return for a proprietorship or partnership firm requires a deeper understanding of business operations, financial statements, and tax provisions than a standard individual return. At PRS&A, we approach firm and proprietor ITRs with a structured, advisory‑driven methodology that ensures accurate reporting, lawful tax optimisation, and complete compliance with the Income Tax Act. Our process begins with reviewing the books of accounts, capital accounts, balance sheet, profit and loss statement, loan schedules, and statutory registers. We verify the correctness of revenue recognition, expense classification, depreciation, stock valuation, and compliance with TDS/TCS provisions. We also examine business‑specific deductions, disallowances under Sections 40(a)(ia), 40A(3), and 43B, and ensure that all statutory payments are correctly reflected. For proprietors, we integrate personal and business income seamlessly, ensuring consistency across AIS/TIS, Form 26AS, and financial statements. Our advisory component includes guidance on tax planning, allowable deductions, presumptive taxation (where applicable), and strategies to strengthen documentation and compliance for future years. We prepare a clean, audit‑ready computation that aligns with the firm’s financials and stands up to departmental scrutiny. For businesses with multiple branches, loan facilities, or GST integration, we ensure that cross‑linked data is reconciled and accurate. At PRS&A, firm and proprietor ITR filing is not just a compliance task — it is a holistic exercise that enhances financial discipline, reduces tax‑risk exposure, and supports long‑term business stability.