Business Income Tax Returns

All companies operating in India need to file an Business Income Tax Returns every year.  Along with submitting income tax return, a company might also be asked to document TDS yield and pay advance tax to remain compliant under the Income Tax Act. Business Income Tax Returns. Business ITR. Kanoons is currently India’s largest tax services platform that provides a variety of services such as incorporation, GST return filing, income tax filing and much more.  Kanoons will help file income tax return for your small business and make it compliant under the Revenue Tax Act and Rules.  The normal time required to file a sales tax return for the company is to 5 working days.  Receive a totally free consultation on company tax return filing by scheduling a consultation with the Kanoons Advisor.

Proprietorship Tax Return Filing Business ITR
Any person with business income is thought to be working a proprietorship company. Proprietorships working in India need to file the income tax return every year.  Since proprietorships are regarded as one and the owner, the income tax return filing process of a proprietorship is much like individual income tax return filing.
Requirement for Filing Proprietorship Tax Return Business ITR
All proprietors beneath age 60 years are expected to file income tax return if total income exceeds Rs. 2.5 lakhs.  In the instance of proprietors within age 60 years but under 80 years, income tax filing is compulsory if total income exceeds Rs.3 lakhs.  Proprietors over age 80 years and over are expected to file an income tax return if the entire income exceeds Rs.5 lakhs.

Tax Audit for Proprietorship

An audit will be required to get a proprietorship firm in the event the overall sales turnover is more than Rs.1 crore during the fiscal year.  In the instance of an expert, audit will be necessary if total gross premiums is greater than Rs.50 lakhs during the fiscal year under evaluation.

Due Date for Filing Proprietorship Tax Return

The income tax return Of a proprietorship that does not require audit is expected on 31st July.  In the event the Income tax return of a proprietorship has to be audited according to the Income Tax Act, then the yield will be expected on 30th September.

Tax Return for Proprietorships

For the evaluation year 2017-18 just, that relates to revenue earned Financial Year 2016- 17,proprietorship companies would have to file Form ITR-3 or Form ITR-4-Sugam. Form ITR-3 could be submitted by a proprietor or a Hindu Undivided Family who’s carrying a proprietary company or profession.  Form ITR-4-Sugam could be submitted by a proprietor who’d love to cover income taxation under the presumptive taxation strategy.

Requirements: Aadhar, company Pan Card, Bank statement,

Basic

₹7499/-

₹5999/-

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Professional

₹10,000/-

₹7,999/-

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Premium

₹11,999/-

₹9,999/-

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