Income Tax Return (ITR) Filing for Business

Filing business tax returns is essentially the process by which a business has to report its income and expenditure to the Income Tax department.

All businesses that are operating in India, whether small or big have to file Income Tax returns every year. The tax return for companies is more complicated than individual taxpayers.

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Benefits of Income Tax Return (ITR) Filing for Business

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Legal Benefit

FSSAI Registration Online in Delhi

Loan Approval

GST Registration in Delhi

Tax Refund

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Documents Required for Income Tax Return Filing for Business

Following are the documents required for Income tax Return (ITR) Filing for Businesses

  • 1. Bank statements for the financial year
  •  2. Income and Expense statements
  •  3. Auditor reports
  •  4. Bank statement if interest received is above Rs. 10,000/-

Our ITR Filing Packages

File ITR for a Business

ITR filing for Business

₹2,499/-

  • Business Turnover is less than 50 Lakh
File ITR for a Business

ITR filing for Business

₹7,499/-

  • Business Turnover in between 50 Lakh to 2 Crore  
File ITR for a Business

ITR filing for Business

₹14,999/-

  • Business Turnover is more than 2 Crore  

Procedure of ITR Filing for Business

  • Step 1

    Contact RapidTax

  • Step 2

    Submission & verification of documents

  • Step 3

    Make Payment Online

  • Step 5

    Return filed & Acknowledgement Generated

GST Registration in Delhi

Due Date for Proprietorship Income Tax Return Filing

Losses in the business, if any, can be carried forward if the proprietor files an income tax return before the deadline.

  • Income tax return filing wherein the audit is not necessary 31 July of every year
  • Income tax return filing wherein the audit is necessary on 31 October of every year.

New Tax Regime for ITR Filing

S.no.
Income Tax Slab
Income Tax Rate
01
Up to ₹ 2,50,000
NIL
02
₹ 2,50,001 - ₹ 5,00,000
5% above ₹ 2,50,000
03
₹ 5,00,001 - ₹ 7,50,000
₹ 12,500 + 10% above ₹ 5,00,000
04
₹ 7,50,001 - ₹ 10,00,000
₹ 37,500 + 15% above ₹ 7,50,000
04
₹ 10,00,001 - ₹ 12,50,000
₹ 75,000 + 20% above ₹ 10,00,000
05
₹ 12,50,001 - ₹ 15,00,000
₹ 1,25,000 + 25% above ₹ 12,50,000
06
Above ₹ 15,00,000
₹ 1,87,500 + 30% above ₹ 15,00,000

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Our Happy Clients

Highly Impressed by the Personal Attention given by the Professional Staff in getting the GST Registration done and registering the MSME certification for my business.” Thanks RapidTax

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Mr. Jitesh Gautam Founder, Ram Gopal Leathers

One stop Solution for all GST related Queries & Registration Services. Best quick services, perfect professional approach, Would surely refer among my contacts. Thank You RapidTax

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Preeti Sharma Founder & CEO of KMR Living

RapidTax has dealt with the entire process of GST registration of my enterprise in a smooth and a customer friendly manner and completed the entire process in a very short duration

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Rajiv Khanna Founder & CEO of Khanna Exporters

    Highly Impressed by the Personal Attention given by the Professional Staff in getting the GST Registration done and registering the MSME certification for my business.” Thanks RapidTax

    GST Registration in Delhi
    Mr. Jitesh Gautam Founder, Ram Gopal Leathers

    One stop Solution for all GST related Queries & Registration Services. Best quick services, perfect professional approach, Would surely refer among my contacts. Thank You RapidTax

    GST Registration in Delhi
    Preeti Sharma Founder & CEO of KMR Living

    RapidTax has dealt with the entire process of GST registration of my enterprise in a smooth and a customer friendly manner and completed the entire process in a very short duration

    GST Registration in Delhi
    Rajiv Khanna Founder & CEO of Khanna Exporters

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      What People Frequently Ask…

      How do I file a tax return for a proprietorship firm?

      Form ITR3 and form ITR4 have to be filed for proprietorship income tax returns. You can also reach out to Rapid Tax for filing them online.

      Is it mandatory to file a proprietorship income tax return?

      Yes, as per the Income-tax Act all the proprietors who are less than 60 years of age and Hassan income of more than ₹2.5 lakhs should file income tax returns.

      Can a proprietor file ITR2?

      ITR2 is filed by resident individuals who have a total income tax exceeding ₹50 lakh. And is usually filed by individuals who own more than one house property. So an individual taxpayer having income through a business cannot use ITR2.

      Is auditing compulsory for proprietorship?

      Auditing the tax income is mandatory if the sales or turnover causes ₹1 crore. Since the Proprietorships forms for taxes to individuals under the Income tax Act auditing becomes mandatory.

      What is the tax calculation for a sole proprietorship?

      Technically speaking sole proprietors should pay the entire tax amount by themselves. The self-employment tax rate is around 15.3% out of which 12.4% is for social security up to a particular annual income and two-point nine percent is covered for Medicare with no income limit.

      What is the proprietor's income?

      The total income earned by the proprietors and the business owners is called the proprietor's income.

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