Business Return Filing

Business Return Filing

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A Yearly income tax return is required to be filed by all businesses functioning in India. In addition to filing an income tax return, a business may also have to file TDS return and pay advance tax to comply with the Income Tax Act. Parakh Management Services Pvt. Ltd (PMSPL) is India’s largest legal services platform offering a range of services like incorporation, GST returns filing, income tax filing, and more. PMSPL assists in filingan income tax return for your business,and we ensure compliance under the Income Tax Act and Rules. The average time taken to file an income tax return for your business is 3 to 5 working days. Get a free consultation on business tax return filing by scheduling an appointment with a PMSPL Advisor.

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10 documents you need to file your income tax return

1.  Form-16. If you are a salaried person, this is one of the most significant documents for you to file your ITR.

2.  Salary slips.

3.  Interest certificates from banks and post office.

4.  Form-16A/Form-16B/Form-16C.

5.  Form 26AS.

6.  Tax-saving investment proofs.

7.  Deductions under section 80D to 80U.

8.  Home loan statement from bank or NBFC.

9.  Capital gains.

10. Aadhar card, PAN card.


Who has to file a business tax return?

Filing of return mainly depends on the type of business structure. For example:

If you are a sole proprietor your business income and your other personal income like salary, income from house property and interest income have to be stated on the same return.
If you’re total income before deductions are above the basic taxable limit, you need to compulsorily file your income tax return irrespective of profit or loss in your business.
The basic taxable limit is Rs. 2.5 lakh. So, if your income before deductions is above Rs 2.5 lakh, you need to file your business tax return.
For companies, firms, and Limited Liability Partnership (LLP), a business tax return has to be filed irrespective of profit or loss. Even if there are no operations undertaken, a return has to be filed.
Companies, firms, and LLPs are taxed at a rate of 30%.
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