Business Tax Return

Definition

Business tax return means every business person who is doing business they have to pay tax by filling business tax return. Persons who earn income other than salary and wages will need to file an Income tax return, that is in IR4, IR6, IR7, IR8, IR9 or IR44 before the due date of filing of return.

cost breakup

Professional Fees 2499
GST 450
TOTAL 2949

LIST OF DOCUMENTS FOR REGISTRATION

ABSTRACT OF BANK STATEMENTS
FORM 16A / TDS CERTIFICATE
CHALLAN OF TAX PAYMENT MADE LIKE ADVANCE TAX OR SELF ASSESSMENT TAX
ANY OTHER LOAN CERTIFICATE

PROCEDURE OF REGISTRATION

INCLUSIVE IN OUR SERVICE

Preparation of Business Return
Filing of business return

FREQUENTLY ASKED QUESTIONS

It is a prescribed form through which the particulars of income earned by a person in a financial year and taxes paid on such income are communicated to the Income-tax Department. Different forms of returns of income are prescribed for filing of returns for different Status and Nature of income.

Government has prescribed ITR-3, ITR-4, ITR-5, ITR-6 and ITR-7 for Income Tax filing of business and profession. Depending on the type of business, a particular type of ITR form should be used from the forms mentioned earlier.

As per the Income-tax Act, a person engaged in business is required to maintain regular books of account and further, he has to get his accounts audited. To give relief to small taxpayers from this tedious work, the Income-tax Act has framed the presumptive taxation scheme under sections 44AD and 44AE.

Income a Business or Profession and not covered by presumptive taxation.

  • Covered under presumptive taxation exceeding Rs. 2 crores turnover in case of business.
  • Covered under presumptive taxation exceeding Rs. 50 Lakhs in case of Profession.
  • Presumptive Business income where turnover is less than Rs. 2 crores.
  • It is for an Individual or HUF or Partnership Firm.
  • It is not available to a Company.
  • Having income from: Salary/pension, Income from one house property, Income from other sources
  • Who cannot use: Having more than one house property, Winnings from lottery or race horses, Capital gains, Agricultural income in excess of Rs. 5,000, Speculative business and other special incomes, Assessee having foreign income or claiming foreign tax relief, Resident having any asset/financial interest/signing authority in any account located outside India
  • Partners of the Partnership firm and Designed Partners or Partners of LLP is required to file return by 31st July for non-audit and 30th September in case of audit required
  • Partnership firm, LLP and Trust is required to file return by 31st July for non-audit and 30th September in case of audit required