If you are running a business, then you must file business tax returns. This is a process through which a business must report income and expenses to the IT Department. Businesses, be it big or small, must file business tax returns.
What is business tax return? The business tax return is a statement which shows income earned and expenses of a business. If your business is making profits, then you must pay tax on these profits. The business must file TDS or pay advance tax. Business tax returns must have details on assets and liabilities of the business.
Want to know more on Tax Planning? We at IndianMoney.com will make it easy for you. Just give us a missed call on 022 6181 6111 to explore our unique Free Advisory Service. IndianMoney.com is not a seller of any financial products. We only provide FREE financial advice/education to ensure that you are not misguided while buying any kind of financial products.
Filing of Income Tax Returns depends on the business structure.
You can file Business Tax Returns depending on the type of business. Your business could be a proprietorship, partnership firm, limited liability partnership or a private limited company.
Maintain book of accounts if:
For certain businesses you would require the external tax audit.
Presumptive Taxation Scheme (Section 44AD): The Presumptive taxation scheme is applicable to individuals, HUFs and partnership firms engaged in business. Businesses with total turnover of less than Rs 2 Crores and professionals with gross receipts < Rs 50 Lakhs in a Financial Year can use the presumptive taxation scheme under Section 44AD.
With presumptive taxation scheme, you can calculate tax on estimated profit.
You lose presumptive tax benefits under Section 44AD if you do not continue for at least 5 years.
See Also: How To E-File ITR Form -1 In 2 Minutes?
You must be 80 years or more to file ITR offline.
The IT Department will give an acknowledgement when submitting physical paper return.
See Also: Steps to File Income Tax Returns
You May Also Watch
Keep your Financial Cognizance up to date with IndianMoney App. Download NOW for simple tips & solutions for your financial wellbeing.
Have a complaint against any company? IndianMoney.com's complaint portal Iamcheated.com can help you resolve the issue. Just visit IamCheated.com and lodge your complaint. If you want to post a review on any company you can post it on Indianmoney.com review and complaint portal IamCheated.com.
Be Wise, Get Rich.
The research team at IndianMoney.com comprises of certified and experienced professionals who share the company's vision to make every Indian financially literate by equipping every Indian with right and unbiased advice. IndianMoney.com research team provides newsletters, articles, videos and FAQs on various financial products and concepts only to help you make wise financial decisions.
Subscribe to our Youtube Channel
This is to inform that Suvision Holdings Pvt Ltd ("IndianMoney.com") do not charge any fees/security deposit/advances towards outsourcing any of its activities. All stake holders are cautioned against any such fraud.