Business ITR Filing
Reporting business income during return filing is critical to avoid any tax non-compliance. At end of year businesses struggle to get their accounts in order. This premium ITR filing plan is designed to provide you professional help in preparing financial statements and filing business ITR.
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Business ITR Filing required mandatory
Importance of Business ITR Filing
- Filing for Returns Demonstrates Your Accountability
- In Some Circumstances, Filing Returns is Obligated
- Your Loan or Credit Card Company May Require a Copy of Your Return
- A Return is Required if You Want to Claim an Adjustment for Past Losses
- Revisions to Returns May Make Filing Returns Useful
Pricing
(Simple & Clear Pricing. No Hidden Charges)
| Government Fee | Rs 0 |
| Professional Fees | Rs 1,459 |
| Goods & Service Tax | Rs 00 |
| Total Cost | Rs 1459 |
Business ITR Filing
(All you need to know)
A business tax return is basically an income tax return. The return is a statement of income and expenditure of the business. Also, any tax to be paid on the profits made by you is declared in this return. The return also contains details of the assets and liabilities held by the business. Items like fixed assets, debtors and creditors of business, loans taken and loans were given are declared here.
1.Form ITR-4 : Required to be filed by the individuals/HUF/partnership firm who have opted for the presumptive income scheme as per Section 44AD, Section 44ADA and Section 44AE of the Income Tax Act.However, if the turnover of the business exceeds Rs 2 crore, the taxpayer will have to file ITR-3. The due date of this ITR is 30th September of every year.
2.Form ITR-3 : Required to be filed by the individuals/HUF that have income from proprietary business or are carrying on profession. The due date of this ITR is 30th September of every year.
Documents required for Business ITR Filing
Following Documents are required :-
- PAN Card copy for individual / business or related information
- Aadhaar Number
- Full Address or Aadhaar Copy
- e-mail ID & Mobile Number
- Bank Account Number & IFSC Code, Bank Statement
- Business or Profession Details
- Investments, Sales and Purchase Details
- Form 26AS or Income Tax Login Credentials
Penalties for Late Filing
For ITR filed after December, the penalty will be Rs. 10,000.However to provide relaxation to small taxpayers; the IT department has stated a maximum penalty of only Rs. 1,000 will get levied subject to condition that your total income is less than Rs 5 lakh.
If the taxpayer fails to furnish ITR within the due date, he will be liable to pay penalty same as delayed filing.
Process of ITR Filing for Business owners:-
You can get expert advice on ITR Filing at taxtorium.com
Once you submit documents required, Our expert will do the paper work.
We will file the return with the Income Tax Department.
Once your work is done, We will send you the documents back.
More Question? A specialist is here to help
Call us at: +91 820 956 9514 or
Email us: info@taxtorium.com
Frequently Asked Questions
What is the due date to file business returns?
In case tax audit is applicable the due date is 30th September otherwise it is 31st July.
Which ITR is applicable for business income?
ITR-4 or Sugam The current ITR 4 is applicable to individuals and HUFs, Partnership firms (other than LLPs) which are residents having income from a business or profession. It also include those who have opted for the presumptive income scheme as per Section 44AD, Section 44ADA and Section 44AE of the Income Tax Act
I am running a business. I wish to know what advance tax is and when do I need to pay it?
The assessment of income of a year can be made only after the year has passed, advance tax is pre payment of your tax liability in the year it is earned. If the tax liability is more than Rs 10,000 in a financial year then advance tax needs to be paid by assessee. The due dates are
15th June(15%)
15th September(45%)
15th December (75%)
15th March (100%)
Am I required to keep a copy of the return filed as proof and for how long?
Yes, under the Income-tax Act legal proceedings can be initiated up to 4 to 6 years (depending upon case to Experts) prior to the current financial year. However, in certain Experts the proceedings can be initiated even after 6 years, hence, it is advised to preserve the copy of return for at least 6 years or maintain it as long as possible.
Can I file a revised return to correct a mistake in original return filed?
Yes, return can be revised within a period of one year from the end of the relevant assessment year or before completion of the assessment whichever is earlier. Filing of revised return is not part of the plan. Plan buyer is required to provide full and accurate details to avoid the need for any rectification in the originally filed return.
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