What is Business ITR Filing Overview
A business tax return is basically an income tax return. The return is a statement of income and expenditure of the business. Also, any tax to be paid on the profits made by you is declared in this return. The return also contains details of the assets and liabilities held by the business. Items like fixed assets, debtors and creditors of business, loans taken and loans were given are declared here.
Process for Business ITR Filing
You can file your Business Income Returns online, either on the income tax department's website or with us on mereprofit.com.
Income Tax filing or e-filling is made easy on meraprofit.com. You can e-file your returns within just 7 minutes!
Documents Required For Business ITR Filing
- PAN Card copy for individual / business or related information
- Aadhaar Number
- Full Address or Aadhaar Copy
- e-mail ID & Mobile Number
- Bank Account Number & IFSC Code
- Bank Statement
- Business or Profession Details
- Business Expenses, Business Loan, and Books of Accounts (if available)
- Investments, Sales and Purchase Details
- Any other incomes, Investments or Savings details
- Form 26AS or Income Tax Login Credentials
- Process of Business Income Return filing
FAQs On Business ITR Filing
The due date for filing Income Tax Return without audit is July 31st every year (with few exceptions, where for AY 2020-21 it is Jul 31st, 2020 Nov 30th 2020 due to COVID-19 pandemic.). If Audit is required, then the due date is 30th September (subject to changes as per the latest circulars).
Every Business whose turnover is more than Rs 1 crore / Rs 50 Lakhs in specified business is required to get Tax Audit.
You can send the soft copies of the required documents to support@meraprofit.com or upload the documents on MeraProfit Website.
It is nothing, but your income tax computation sheet prepared by MeraProfit. In other words it is summary of your income tax computation details.
After receiving draft from MeraProfit.com through mail, you can revert to that mail with your opinion to proceed further.
ITR-V stands for 'Income Tax Return Verification' Form. You will receive ITR-V when you file your Income Tax return online.
There are basically two types of return which is to be filed by a professional, either ITR 4 if he chooses for the maintenace and audit of accounts else ITR 4S if he do not choose the same. So, if you are maintaining your books of accounts and getting your accounts audited then you need to file ITR4 else you have to file ITR 4S using presumptive source of income.
You are reuired to get your accounts audited if your turnover or gross receipts exceeds Rs. 2 Cr.(in case of Business) and Rs. 50 lakhs(in case of profession).
You are reuired to get your accounts audited if your turnover or gross receipts exceeds Rs. 2 Cr.(in case of Business) and Rs. 50 lakhs(in case of profession).Do I need to maintain books of accounts? When can I file return under no books of accounts or presumtive income?If you are engaged in a specified profession(specified in Q4), then you need to maintain the books of accounts if your gross receipts exceeds Rs. 1,50,000 in all the three years immediately preceding the previous year or if you are going to start a new business then gross receipts is likely to exceed Rs.1,50,000.
Yes, return can be revised within a period of one year from the end of the relevant assessment year or before completion of the assessment whichever is earlier. Filing of revised return is not part of the plan. Plan buyer is required to provide full and accurate details to avoid the need for any rectification in the originally filed return.
Yes, under the Income-tax Act legal proceedings can be initiated up to 4 to 6 years (depending upon case to Expert'se) prior to the current financial year. However, in certain Expert'ses the proceedings can be initiated even after 6 years, hence, it is advised to preserve the copy of return for at least 6 years or maintain it as long as possible.
Specified Profession include legal, medical, engineering, architectural, accountancy, technical, interior decoration, film artists, company secretary, information technology and authorised representatives profession.
You can opt for presumptive source of income if your turnover or gross receipts is within the specified limits(given in Q6), or if you are engaged in a business of plying, hiring or leasing of goods/carriages, then you can opt for presumptive source of income.
You can opt for presumptive source of income if your turnover or gross receipts is within the specified limits(given in Q6), or if you are engaged in a business of plying, hiring or leasing of goods/carriages, then you can opt for presumptive source of income.
