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
Legal Benefit
Loan Approval
Tax Refund
Quick Visa Processing
Documents Required for Income Tax Return Filing for Business
Following are the documents required for Income tax Return (ITR) Filing for Businesses
Our ITR Filing Packages
Procedure of ITR Filing for Business
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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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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