Business Tax Filing

Income Tax

Stay ahead of tax deadlines and avoid penalties with thorough business tax filing assistance, ensuring your tax returns are accurately prepared and submitted on time to maintain your business's financial health.

Business Tax Filing

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Income Tax

(ITR eFiling) Income Tax Filing

Setting up a business and understanding the complexities of filing returns is essential to running a business. A business tax return is an income tax return filing applicable to companies. It serves as a comprehensive record of the business’s earnings and expenses.

Business Income Tax return filings in India just got more straightforward with ASK Associates. We are here to help businesses easily file their tax returns. Our expert team makes the process less stressful, so you don’t miss deadlines or break any rules. It doesn’t matter if your business is starting or already big – we are here to help.

Ready to simplify your business taxes? Reach out to us today and discover smoother and stress-free Business Tax Return Filings!

What is a business tax return?

A business tax return refers to an income tax return for businesses. A business income tax return is a comprehensive report that outlines a business’s income, expenses, and pertinent tax details, all presented in a designated form. It entails the submission of income tax returns for businesses, with the added requirement of reporting Tax Deducted at Source (TDS). This process must be carried out annually.

This return serves as a financial statement detailing earnings. It outlays and is a documentation of additional financial components like fixed assets, loans obtained, loans extended, debtors, and creditors within the business.

Income Tax Return Filing in India

Both Indian citizens and companies are required to file income tax returns if their Gross Total Income (GTI) exceeds Rs. 3 lakhs (amounts below three lakhs are exempted). These ITR for business income must be submitted annually within the specified deadline. Various income tax return forms are available, tailored to different criteria applicable to multiple groups of individuals and businesses. It is essential to identify the appropriate arrangements and submit them to the Income Tax Department of India for processing.

Filing ITR for business income offers several advantages, some of which are outlined below:

Refund Claims: Accurate and timely filing can lead to potential refunds, which can be beneficial for improving cash flow within the business.
Carry-forward of Losses: Losses incurred in one financial year can be carried forward and adjusted against future profits, reducing tax liabilities.
Loan Applications: Having proper and up-to-date income tax returns can serve as evidence of financial stability, increasing the chances of obtaining loans or credit from financial institutions.
Evidence for Transactions: Filed tax returns can provide solid proof of the business’s financial transactions and activities, which can be helpful for legal or contractual purposes.
Compliance with Law: Filing tax returns ensures compliance with tax regulations, helping businesses avoid penalties or legal issues.
Transparency: Transparent financial records through tax returns can enhance the business’s credibility, fostering trust among customers, partners, and stakeholders.
Audit Preparedness: Filed returns provide a basis for accurate financial statements, preparing the business for potential tax audits.
Business Growth: Accurate financial reporting through tax returns can assist in making informed business decisions, aiding in growth and expansion strategies.
Avoiding Notices: Timely and accurate filing reduces the likelihood of receiving notices or queries from tax authorities.
Availing Tax Benefits: Filing returns on time enables businesses to avail themselves of various tax benefits and deductions legally, optimizing their tax liabilities.

Who should file a Business Income Tax Return?

Filing a business income tax return is mandatory for all eligible businesses operating within the framework of Indian tax regulations. The need to do a business tax filing is contingent upon the structure of the business:

Sole Proprietorship
Partnership Firm
Limited Liability Partnership (LLP)
Companies – Private Limited Company, One Person Company

Types of Business Income Tax Return Filing

The different categories for filing business income tax returns are determined based on the types of business entities allowed to submit them. These categories correspond to other business structures and their respective designations.

Partnership Firm Tax Return Filing
Proprietorship Tax Return Filing
Limited Liability Partnership Tax Return Filing
Company Tax Return Filing

How ASK Associates Can Assist with Business Tax Return Filings

Navigating the intricate world of business tax filing is made effortless with ASK Associates. Our dedicated services offer comprehensive support to ensure your tax obligations are met seamlessly. Our platform provides a user-friendly interface that guides you through the step-by-step filing process. Our experienced professionals are well-versed in the nuances of tax regulations, ensuring accurate and timely submissions. We’re here to aid businesses of all types in effortlessly filing their tax returns.

With our user-friendly platform and seasoned team, the process becomes less daunting, ensuring deadlines and rules are followed. We will keep you well-informed about crucial deadlines, assist in selecting the appropriate ITR form, and guide you through a meticulous, error-free filing process. With ASK Associates, you can confidently handle your business tax filing, saving time and minimizing the complexities involved.

Ready to simplify your business tax returns? Reach out to ASK Associates today for seamless and stress-free filing.

Additional Information for Business Income Tax Return Filing

Proprietorship Tax Return Filing

What is a Proprietorship?

A proprietorship is a type of business structure where an individual owns and operates the business alone. It’s the simplest form of business entity and is not considered a separate legal entity from its owner.

Requirement for Filing Proprietorship Tax Return

All proprietors below 60 years are required to file income tax returns if the total income exceeds Rs. 2.5 lakhs. For proprietors over 60 years but below 80 years, income tax filing is mandatory if total income exceeds Rs. 3 lakhs. Proprietors over 80 years and above must file income tax returns if the total income exceeds Rs. 5 lakhs.

Income Tax Rate for Proprietorship

The income tax rate for proprietorship is the same as the income tax rate for individuals. It’s taxed on slab rates based on the total income earned during the financial year.

Tax Audit for Proprietorship

A proprietorship firm would require an audit if the total sales turnover is over Rs. 1 crore during the financial year. In the case of a professional, an audit would be required if total gross receipts are more than Rs. 50 lakhs during the financial year under assessment.

Due Date for Filing Proprietorship Tax Return

The income tax return of a proprietorship that doesn’t require audit is due on July 31. In case the income tax return of a proprietorship needs to be audited as per the Income Tax Act, then the return would be due on September 30.

ITR Form for Proprietorships Return Filings

Proprietorship firms would be required to file Form ITR-3 or Form ITR-4-Sugam, depending on their eligibility and type of business.

Partnership Firm Tax Return Filing

What is a Partnership Firm?

A partnership firm is an association of persons who come together to carry on a business with a view to earning profits. The partners share the profits and losses of the business.

Requirement for Filing Partnership Firm Tax Return

All partnership firms must file income tax returns each year, irrespective of income or loss. If there was no business activity, a NIL income tax return must be filed before the due date for a partnership firm.

Income Tax Rate for Partnership Firms

Partnership firms must pay income tax at 30% of total income. In addition to the income tax, a partnership firm is liable to pay an income tax surcharge on the amount of income tax at the rate of 12% when total income exceeds Rs.1 crores.

Tax Audit for Partnership Firm

Partnership firms carrying on business with total sales of over Rs.1 crore are required to obtain tax audits. Similarly, partnership firms carrying on a profession wherein gross receipts exceed Rs.50 lakhs in the previous year are required to obtain tax audits.

Due Date for Filing Partnership Firm Tax Return

Most partnership firms’ income tax return due date is July 31 of the assessment year. Partnership firms required to get their accounts audited under the Income Tax Act must file the income tax return before the September 30 deadline.

ITR Form For Partnership Firm Return Filing

Partnership firms are required to file income tax returns in form ITR 5.

Limited Liability Partnership (LLP) Tax Return Filing

What is an LLP?

A Limited Liability Partnership (LLP) is a partnership in which some or all partners have limited liabilities. It therefore exhibits elements of partnerships and corporations.

Requirement for Filing LLP Tax Return

All LLPs are required to file an income tax return, irrespective of the amount of income or loss.

Income Tax Rate for LLPs

The income tax rate applicable for LLP registered in India is 30% of the total income.

Minimum Alternate Tax for LLP

LLP is also subject to minimum alternate Tax. A minimum alternate tax of 18.5% of adjusted total income is applicable.

Tax Audit for LLP

LLP whose turnover exceeded Rs. 40 Lakh or whose contribution exceeded Rs. 25 Lakh are required to get their accounts audited by a practicing Chartered Accountant.

Due Date for Filing LLP Tax Return

The deadline for LLP tax filing in India is July 31. LLPs required to obtain a tax audit have September 30 as the deadline for filing an income tax return.

ITR Form for LLP Return Filing

LLPs must file income tax returns using Form ITR 5.

Company Tax Return Filing

What is a Company?

A company is a legal entity formed by a group of individuals to engage in and operate a business—commercial or industrial—enterprise.

Requirement for Filing Company Tax Return

All companies registered in India must file income tax returns yearly, irrespective of income, profit, or loss.

Income Tax Rate for Company

For Assessment Year 2024-25, the Income tax rate of 25% of total income is applicable for domestic companies with a total turnover of less than Rs. 400 crores in 2020-21.

Minimum Alternate Tax for Company

All companies are required to pay a minimum alternate tax at the rate of 15% of book profit plus surcharge and education cess if the company’s tax liability is less than 15% of book profit.

Tax Audit for Company

A company’s accounts must be audited each year by a Chartered Accountant, irrespective of turnover or profit/loss.

Due Date for Filing Company Tax Return

All companies registered in India are required to file income tax returns on or before September 30.

ITR Form For Company Tax Filings

Companies registered in India and operating a business for profit must file Form ITR 6.

Key Points to Consider for Business Tax Filing

Total Income Assessment: Every business must compute its total income regardless of profit or loss.
Gross Total Income Criteria: Gross Total Income exceeding Rs. 2.5 lakhs signifies surpassing the basic taxable threshold.
Uniform Taxation for LLPs, Companies, and Firms: LLPs, companies, and firms are all subject to a tax rate of 30%, obligating them to file tax returns regardless of financial outcomes or undertaken operations.

For a seamless and stress-free filing experience, reach out to ASK Associates today!

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