All businesses operating in India are required to file income tax return each year. In addition to filing income tax return, a business may also be required to file TDS return and pay advance tax to stay compliant under the Income Tax Act. IndiaFilings is India’s largest tax services platform offering a range of services like incorporation, GST return filing, income tax filing and more. IndiaFilings can help file income tax return for your business and ensure it remains compliant under the Income Tax Act and Rules. The average time taken to file an income tax return for your business is 3 to 5 working days. Get a free consultation on business tax return filing by scheduling an appointment with an IndiaFilings Advisor.
All businesses operating in India are required to file income tax return each year. In addition to filing income tax return, a business may also be required to file TDS return and pay advance tax to stay compliant under the Income Tax Act. IndiaFilings is India’s largest tax services platform offering a range of services like incorporation, GST return filing, income tax filing and more. IndiaFilings can help file income tax return for your business and ensure it remains compliant under the Income Tax Act and Rules. The average time taken to file an income tax return for your business is 3 to 5 working days. Get a free consultation on business tax return filing by scheduling an appointment with an IndiaFilings Advisor.
Any person having business or professional income of more than Rs.2.5 lakhs per year would be required to file income tax return each year. IndiaFilings offers income tax filing for professionals and proprietors from Rs.2899
Partnership firms (registered or unregistered) are required to file income tax return in form ITR 5 each year. Partnership firms attract income tax at the rate of 30%. IndiaFilings offers income tax filing for partnership firms from Rs.5899
Limited Liability Partnership firms registered in India are required to file Income Tax Return in Form ITR-5 each year and MCA Annual Return. IndiaFilings offers comprehensive compliance management for LLPs starting from Rs.7899
All types of companies registered in India are required to file Income Tax Return in Form ITR-6 each year and MCA Annual Return. IndiaFilings offers comprehensive compliance management for companies starting from Rs.7899
Any individual who has business income is said to be operating a proprietorship firm. Proprietorships operating in India are required to file income tax return each year. Since proprietorships are considered to be one and same as the proprietor, the income tax return filing procedure for a proprietorship is similar to individual income tax return filing.
All proprietors below the age of 60 years are required to file income tax return if total income exceeds Rs. 2.5 lakhs. In the case of proprietors over the age of 60 years but below 80 years, income tax filing is mandatory if total income exceeds Rs.3 lakhs. Proprietors over the age of 80 years and above are required to file income tax return if the total income exceeds Rs.5 lakhs
The income tax rate for proprietorship is the same as the income tax rate for individuals. Unlike the income tax rate for LLP or Company which are flat rates, proprietorships are taxed on slab rates. The following is the income tax rate applicable for proprietorships for assessment year 2019-20, wherein the age of the proprietor is less than 60.
| Taxable Amount | Tax Rate |
|---|---|
| Rs. 0 - Rs. 2,50,000 | 0% |
| Rs. 2,50,001 to Rs. 5,00,000 | 5% |
| Rs. 5,00,001 - Rs.10,00,000 | 20% |
| Above Rs. 10,00,000 | 30% |
Document required for Business Tax Filing
Document required for TDS Filing
Document required for GST Registration
Document required for GST Return Filing
Document required for Trademark Registration
Document required for company Registration
Document for private Limited Registration
Partnership company Registration
1. Is it necessary for a company to file a tax return if it has not carried out any operations?
IT returns must be filed by all companies, whether they have engaged in any business activities in the financial year or not. Regardless of profit or loss, companies need to file income tax. Companies that are dormant and have undertaken no business decisions in a year are still expected to file returns.
2. Is Tax Audit mandatory for business tax return filing?
For businesses with a turnover above Rs. 1 crore, a tax audit is mandatory. Similarly, for professionals with turnovers of Rs. 50 lakhs also require a tax audit.
3. Who Should File Business Tax Return?
Tax file return is compulsory for all qualified businesses operating under Income-tax Act, 1961/ Income-tax Rules, 1962. 2.5 lakh is the basic taxable limit, if the business income before the deduction is above 2.5 lakh then such a firm needs to file the business tax return.
4. Can ITR be filed for the previous year?
Yes, you can file belated ITRs, anytime up to one year from the end of the relevant assessment year. You can submit tax returns up to three years late.
5. What are the criteria for opting for the Presumptive Taxation Scheme?
Small businesses or firms that do not maintain books of accounts can opt for Presumptive Taxation. For businesses, the option is available for turnover or receipts up to Rs.2 Crore. Businesses opting this scheme should offer at least 8% of the turnover or receipts as income and 6% in case of payment via banking channels & electronic mode
