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Business & Profession Income

Overview

A business tax return is an income tax return. The return is a statement of income and expense of the business. Moreover, any tax to be settled on the profits gained by you is revealed during this return. The return also includes aspects of the assets and responsibilities owned by the business. Details like fixed assets, debtors and creditors of the business, loans were taken, and loans were provided are declared here.

TYPES OF ITR FORM 

ITR-1: For Individuals being a Resident (other than Not Ordinarily Resident) having Total Income up to Rs.50 lakhs, having Income from Salaries, One House Property, Other Sources (Interest, etc.), and Agricultural Income up to Rs.5 thousand(Not for an individual who is either Director in a company or has invested in Unlisted Equity Shares).

 

ITR-2: For Individuals and HUFs do not have income from profits and gains of business or profession.

 

ITR-3: For individuals and HUFs having income from profits and gains of business or profession

 

ITR-4: For Individuals, HUFs, and Firms (other than LLP) being a Resident having Total Income upto Rs.50 lakhs and having income from Business and Profession which is computed under sections 44AD, 44ADA or 44AE

 

ITR-5: For persons other than Individual, HUF, Company (Partnership Firm, Aop / Boi)

 

ITR-6: For Companies other than companies claiming exemption under section 11

 

ITR-7: This form is relevant for all people who are required to file tax returns under the Section 139(4A), Section 139(4B), Section 139(4C), Section 139(4D), Section 139 (4E), or 139 (4F) that mainly includes Trust, University, etc.

 

Due Dates For Filing Income Tax Returns :

Category of Assessee Due Date
Individual 31st July
Body of Persons (BOP) 31st July 
Hindu Undivided Family ( HUF) 31st July
Association of Person (AOP) 31st July
Business (Audit Cases) 30th September

Our Process

Step 1

Discussion and collection of basic information

Step 2

Choosing applicable ITR Form

Step 3

Collection of Documents

Step 4

Computation of Tax Liability

Step 5

Form Filling & Submission

Step 6

Sharing Filled Documents

Choose Your Package

All Inclusive Pricing – No Hidden Fee

  • Basic
    • 1500
      • For Professionals & Freelancers
      • Tax Planing & Guidance
      • Tax Payment Assistance
      • Return Filing
    • Purchase Now
  • Premium
    • 2500
      • Business Return Filling
      • Business having Annual Turnover upto Rs. 2Cr.
      • and not liable for a Tax Audit.
      • Profession turnover below Rs. 50L. No Balance Sheet.
      • Tax Planing & Guidance
      • Tax Payment Assistance
      • Return Filing
    • Purchase Now
  • Ultimate
    • 15000
      • Business having Annual Turnover upto Rs. 2Cr.
      • and not liable for a Tax Audit.
      • Profession turnover below Rs. 50L. No Balance Sheet.
      • Preparation of Account's P&L, Balance Sheet
      • Tax Planing & Guidance
      • Tax Payment Assistance
      • Full Year Support for any assistance
    • Purchase Now

Note: Audit Fees not included in above fees

Benefits

Taxable Income

If you have taxable income in India, you must record your ITR in India. This is appropriate for a person if his/her taxable income surpasses INR 2.50 Lakh. In case you are a Company, LLP, or Partnership Firm, you must file ITR irrespective of your profit or loss.

Financial Power

A good track record of consistent ITR Filing shows your financial strength and is significant in your regularity. This serves you to receive instantaneous bank credits and also a visa. Henceforth, it is advisable to file ITR on a routine basis.

Trustworthiness

Filing an ITR improves your reliability and your credit availing capacity from the bank aspect. Even if you are not accountable for ITR filing for any reason, it is a good practice to file the same. Your ITR helps as proof of your Income. No other document does this job.

Tax Refunds

For any reason, if your TDS has been deducted and the same is higher than your exact tax payable, such a refund request can only be done by filing an accurate IT return in time. You won’t notice your returns if you don’t file your ITR.

Move Forward Losses

If you have acquired any losses in your business on account of expenses or reduction, you must file your return to move ahead of those. The advantage of this can be availed once you have taxable income. Such losses, then, can be set off on taxable profits.

Avoiding Tax Notices

There are many measures defined under the Act, in which you may be assisted legal notification if you have not filed your ITR. Filing your ITR precisely and in time can assure you that you don’t have to meet any of these.

Documents Required

Bank statements for the financial year

Pan Card

Income and Expense statements

Auditor reports

GST Returns Filled

Receipt Book

Sales and Purchase Register

Income and expenses details

Assets and liability details

Clear All Your Doubts !

 In case of tax, an audit is applicable the due date is 30th September otherwise it's 31st July.

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