IT Return filing for Business

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Correct and Quick Income Tax Filing for Businesses
Get Income Tax Return filing for business
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Trust our team, which had filed more than 5000+ returns
  • Procedure
  • Documents Required
  • Benefits
  • Time Period
  • AKT Advantages
Procedure
1

Send documents as provided in documents list

2

We will do the calculation and send the proforma return and challan for tax payment (if any)

3

Approval plus challan received return uploaded and filed.

Documents Required
Note: – If Balance sheet and Profit & Loss not prepared, we can prepare for you.

Finalized balance sheet

Finalized profit & loss
PAN card copy
Address details
Bank details
Tax saving details
Other details as required

 
Benefits

Income tax filing is mandatory if you have any business income

If you are holding a PAN card for partnership, company or LLP, then IT filing is mandatory even there is no income
IT return required getting loan of funding
Required to carry forward business losses
Time Period

2-5 Working Days
AKT Advantages

Best Business IT Return Filer Team in India

IT Return is Processed for Best Tax Saving and Planning
Lowest Fees for Business Income Tax Return in India
For Consulting Provider Rs. 5590*

  • ITR 3 Filing

  • Tax Computation Report
  • PDF + 1 Printed Copy CA Certified
  • Suitable for small Service Provider
  • Turnover Upto 30 Lakhs
  • 5590+GST

For Small trader Rs. 7590*

  • ITR 3 Filing

  • Tax Computation Report
  • PDF + 1 Printed Copy CA Certified
  • Suitable for Small traders
  • Turnover Upto 30 Lakhs
  • 7590+GST

For Partnership Firm Rs. 7590*

  • ITR 3 Filing

  • Tax Computation Report
  • PDF + 1 Printed Copy CA Certified
  • Suitable for Small Partnership Firm
  • Turnover Upto 30 Lakhs
  • 7590+GST

For E-Commerce Dealers Rs. 7590*

  • ITR 3 Filing

  • Tax Computation Report
  • PDF + 1 Printed Copy CA Certified
  • Suitable for online Traders
  • Turnover Upto 30 Lakhs
  • 7590+GST

For Doctors Rs. 10590*

  • ITR 3 Filing

  • Tax Computation Report
  • PDF + 1 Printed Copy CA Certified
  • Suitable for Practising Doctors
  • Turnover Upto 30 Lakhs
  • 10590+GST

For Share Traders Rs. 7590*

  • ITR 3 Filing

  • Tax Computation Report
  • PDF + 1 Printed Copy CA Certified
  • Suitable for Small share traders
  • Turnover Upto 30 Lakhs
  • 7590+GST

Income Tax Return filing

Any individual who is doing any business, trading or providing any services such as consulting, training, website developments and have a taxable income above basic threshold limit i.e. Rs 2.5 lakhs mandatorily need to file income tax return online on income-tax department’s portal annually before 31st July each year. Even in case a proprietor has incurred losses he needs to file an income tax return to carry forward the losses in next year so that he can set-off next year. Income tax filing is also a mandatory requirement for any kind of business loan. Further, there is no need to file income tax return if the net profit along with all other income such as salary, income from house property, profit & loss from business/profession, capital gain and income from other sources is below taxable limit, however if you are doing business as a firm, LLP, or company then income tax return need to be filed online even there is no business in the previous year. online ITR has filed annually where the year in which income is earned is called a previous year or financial year and the year in which income tax return is filed is called assessment year. For business running as proprietorship ITR Form, 3 is used while for partnership and LLP ITR Form 5 is used, While for Companies ITR Form 6 is used. In case of business has a turnover above 2 Cr (50 Lakh if you are in the service sector) then tax audit is required. The due date for filing income tax return online is 31st July of the assessment year (which is next year of the financial year) if the business is not liable for tax audit and 31st September if the business is liable for audit.

Let it clear the confusion

Frequently Asked Questions

What is Income Tax Return filing?

If you have any income from any source earned in India, and that income is above basic exemption limit (Which is now Rs 2.5L per annum) then you need to file an annual income tax return online. That annual information submission is called Income Tax return filing.

Who is responsible for filing Income tax return?

Actually it is the person, who is earning the income is responsible to file return not thee person who is paying it. For example if you are a salaried person then you are responsible to calculate and pay your proper taxes, not your employers. In some case people get confused with deduction of TDS with filing of return, While Deduction of TDS, payment and Filing of return is employers responsibility, Filing od income tax return is Employees responsibility.

I am getting payment after getting TDS deducted; do I still need to file return?

TDS deduction and filing of Income tax return is two different aspects, payer does TDS deduction but receiver or earner of income does Income Tax return filing. Hence just because TDS is deducted from the payment made to you, you are not relieved from filing of Income Tax return. Hence Income tax return needs to be filed online.

What is Consequences of not filing Income tax return?

If you have not filed return despite you are liable to file return, You can be charged to pay interest on due tax amount and also liable for Rs 5000 penalty. In case you have received a notice from Income Tax department then it has to be filed within the time line given then you can also face harsh penalty along with imprisonment.

What is the Last date to file Income tax return Online?

For Persons liable for Audit Due date is 31st September of Assessment year
For other persons it 31st July of Assessment Year.

Do I need to file return even there is no Income has earned?

If you are running your business Proprietorship then there is no requirement to file Income tax return if income earned is below taxable limit. However the legal status of your business in Partnership, LLP Or Company then mandatory Income tax return need to be filed.

I am A small Business Owner/Professional do I need to prepare accounts?

As per Income Tax Act 1961 and various clarification issued by CBDT (Central Board of Direct Taxes), A Business or Profession need to main accounts if their yearly turnover is exceeding following Limites they need to maintain proper books of Accounts:-

A) Professionals Such as Doctors, Lawyers, CA, CS, who has Gross receipt Exceeding Rs 1.5 Lakh in all 3 years preceding Previous year or expected to increase Rs 1.5 Lakh for New professionals B) For Business Gross Turnover Exceeding Rs 10 Lakh or Gross Profit exceed Rs 1.2 Lakh in any of three Years preceding Financial year

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