Income Tax Return (ITR) Filing for Businesses

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Income Tax Return (ITR) Filing for Business

Filing business tax returns is essentially the process by which a business has to report its income and expenditure to the Income Tax department. All businesses that are operating in India, whether small or big have to file Income Tax returns every year. The tax return for companies is more complicated than individual taxpayers.

A business tax return is nothing but a statement of income earned and expenditure of the business. If the business posts some profits, tax needs to be paid on the profits. Apart from filing taxes, a business may also be required to file TDS or pay advance tax as the need be. Tax returns filed by a business also will have details on assets and liabilities a business has.

The current ITR 4 or Sugam 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

Who should Apply for Business Income Tax Return (ITR) Filing?

  • Any business entity required to maintain books of accounts
  • Small Businesses and Professionals requiring books of account
  • Small businesses requiring Tax Audit including Derivative & intraday traders

Documents Required for Income tax Return (ITR) Filing for Businesses

Following are the documents required for Income tax Return (ITR) Filing for Businesses

  • 1. Bank statements for the financial year
  • 2. Income and Expense statements
  • 3. Auditor reports
  • 4. Bank statement if interest received is above Rs. 10,000/-
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How to File Income tax Return (ITR) Filing for Businesses

Following is the simple four step process to file Income tax Return (ITR) Filing for Businesses

Step 1

Login to LegalDocs Website

Step 2

Upload your Documents and Make the Payment

Step 3

Financial Statements Preparation by LegalDocs Expert

Step 4

Return filed & acknowledgement generated

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FAQs

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.

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