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Business Tax Filing
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Basic
- Income Tax Filing
- Financial Statements
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Bussiness Tax Filing
Business Tax Return Filings
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Setting up a business and understanding the complexities of filing returns is essential to running a business. A business tax return is an income tax return filing applicable to companies. It serves as a comprehensive record of the business’s earnings and expenses.
Business Tax Return Filings in India just got more straightforward with Taxinno. We are here to help businesses easily file their tax returns. Our expert team makes the process less stressful, so you don’t miss deadlines or break any rules. It doesn’t matter if your business is starting or already big – we are here to help.
Ready to simplify your business taxes? Reach out to us today and discover smoother and stress-free Business Tax Return Filings!
What is a business tax return?
A business tax return refers to an income tax return for businesses. A business tax return is a comprehensive report that outlines a business’s income, expenses, and pertinent tax details, all presented in a designated form. It entails the submission of income tax returns for businesses, with the added requirement of reporting Tax Deducted at Source (TDS). This process must be carried out annually.
This return serves as a financial statement detailing earnings. It outlays and is a documentation of additional financial components like fixed assets, loans obtained, loans extended, debtors, and creditors within the business.
Income Tax Return Filing in India
Both Indian citizens and companies are required to file income tax returns if their Gross Total Income (GTI) exceeds Rs. 3 lakhs (amounts below three lakhs are exempted). These income tax returns must be submitted annually within the specified deadline. Various income tax return forms are available, tailored to different criteria applicable to multiple groups of individuals and businesses. It is essential to identify the appropriate arrangements and submit them to the Income Tax Department of India for processing.
Filing income tax returns offers several advantages for businesses, some of which are outlined below:
Who Should File a Business Tax Return?
Filing a tax return is mandatory for all eligible businesses operating within the framework of Indian tax regulations. The need to file a business tax return is contingent upon the structure of the business:
Types of Business Tax Return Filing
The different categories for filing Business Tax Returns are determined based on the types of business entities allowed to submit them. These categories correspond to other business structures and their respective designations.
Proprietorship Tax Return Filing
Any individual with business income is said to be operating a proprietorship firm. Proprietorships operating in India are required to file income tax returns each year. Since proprietorships are considered the same as proprietors, a proprietorship’s income tax return filing procedure is similar to individual income tax return filing.
Requirement for Filing Proprietorship Tax Return
All proprietors below 60 years are required to file income tax returns if total income exceeds Rs. 2.5 lakhs. For proprietors over 60 years but below 80 years, income tax filing is mandatory if total income exceeds Rs.3 lakhs. Proprietors over 80 years and above must file income tax returns if the total income exceeds Rs.5 lakhs.
Income Tax Rate for Proprietorship
The income tax rate for proprietorship is the same as the income tax rate for individuals. Unlike the income tax rate for LLP or Company, which are flat rates, proprietorships are taxed on slab rates. The following is the income tax rate applicable for proprietorships for the assessment year 2023-24, wherein the Proprietor’s age is less than 60.
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