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/-
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
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What is the due date to file business returns?
Which ITR is applicable for business income?
I am running a business. I wish to know what advance tax is and when do I need to pay it?
- 15th June(15%)
- 15th September(45%)
- 15th December (75%)
- 15th March (100%)