Every user, whether an individual, a HUF, a company, an LLP, a trust, or a firm, is required to pay tax on income received within a fiscal year. Income tax is a tax levied on their earnings that are collected by the government. Every person is required to file an Income Tax Return with the ITR to inform them of their earnings and the tax due and paid on them. Depending on the requirements, different forms are required to file returns for different taxpayers. For Income Tax purposes, such taxpayers are referred to as “Assesses.”

Taxify offers services such as filing tax returns, tax planning, and audits for sole proprietorships. When compared to a Private Limited or LLP, a proprietorship is easier to register and has fewer regulations. Individuals who own a self-assessment business must calculate their taxes, pay them, and file their returns. A tax audit is necessary if the turnover exceeds Rs. 1 crore / Rs. 50 lakh.