Income Tax Filing For Business Person
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About Income Tax Return For Business Person
Businesses having a turnover of up to ₹ 2 crores can be registered under the presumptive taxation scheme. The rates of presumed income chargeable to tax under the scheme are set at 8% for the financial year 2016-17. Hence, if a business has a total turnover of ₹ 1.0 crores in 2016-17, then the income chargeable to tax would be ₹ 8 lakhs.
Advantages of Income Tax Return for Business Person
Income Tax For Business Person Process Flow
2 WORKING DAYS
2 WORKING DAYS
2-3 WORKING DAYS
2-3 WORKING DAYS
Documents required for Income Tax Return for Business Person
|Comparison Basis||Private limited company||Llp||Sole proprietor|
|Start-Up India Recognition||✓||✓||✕|
|Suited For||Growing Startup||Service Provider||Small Business|
For assessees requiring tax audit, the general due date for filing income tax return is 30th September.
Form ITR-4 is required to be filed by those individuals whose income comes from the following sources:
- Business Income under Section 44AD/Section 44AE
- Income from a profession as per Section 44ADA
- Income up to INR 50 lakhs from Salary/Pension
- Income up to INR 50 lakhs from One House Property (does not include brought forward loss or loss to be brought forward under this head)
- Income from other sources up to INR 50 lakhs (does not include winning from lottery or horse races)
- Form ITR-4 can also be filed by freelancers in case their income does not exceed INR 50 lakhs.
Form ITR-4 cannot be filed by any individual who:
- Holds Directorship in a company
- Holds any unlisted equity shares at any time during the previous year
- Has assets/financial interest in an entity outside India
- Has signing authority in any account outside India
- Has income from a source located outside India
- ITR-4 form should not be filed when the taxpayer is registered as a Company under the Indian Companies Act of 1956.
XML is a type of file format. Income details entered in the XML file get easily auto-entered in the online Form ITR-4
- A return can be revised u/s 139(5) before processing by the department or before the expiry of the applicable assessment year whichever is earlier.
- While uploading the original return if the assessee failed to disclose any income or claim any deduction or he likes to change the particulars of the ITR he can do revision in his ITR by uploading the fixed return.
- Yes, as per the latest government announcement, all business units and taxpayers are obliged to give their Aadhar number while filing income tax returns and also when applying for a new Permanent Account Number (PAN). Further, the taxpayers are needed to link their PAN numbers with Aadhar numbers and on a strict basis, the PAN cards which are not connected to the Aadhar Numbers will be considered invalid.
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