Income Tax Filing For Business Person
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- Simplify your income tax filing
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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
Allows carry forward of losses
During the first few years of a business, most businesses suffer losses. The ITR can be filed to carry forward business losses or capital losses for up to eight years. As well as being able to adjust this loss against future income, it can also be used to lower taxable income in the future. If ITR is not filed, the taxpayer is denied this benefit.
Define financial worth
The ITR filed with the Government specifies the financial worth of the taxpayer. The track of ITR shows the financial capacity and also raises the capital base of a person. Hence, the track of income and financial worth is determined by the previously filed ITR. Investors and institutions look ahead to returns filed to understand the capacity of the business.
Loan Processing and high-risk cover
The numbers and the capital base specified by the income tax return are helpful for loan processing. The higher the financial worth, the easier it is to process the loan. The same is true for high-risk insurance. The ITR is a significant document for making decisions in this regard.
Income tax refund
Filing tax returns is not just done to fulfill the moral and social responsibility of every citizen of the nation. In order to claim an income tax refund, you must file an income tax return.
Income Tax For Business Person Process Flow
1-2 HOURS
2 WORKING DAYS
2 WORKING DAYS
2-3 WORKING DAYS
2-3 WORKING DAYS
Documents required for Income Tax Return for Business Person
- PAN Card
- TDS certificates
- Interest certificates from Post Offices & Banks (if any)
- Form 26AS
- Tax-Savings Investment Proofs (if any)
- Home Loan statement from NBFC/Bank (if any)
- Capital Gains
- Aadhar Card
- Mail Id
- Phone No.
Comparison
| Comparison Basis | Private limited company | Llp | Sole proprietor |
|---|---|---|---|
| Raising Fund | ✓ | ✕ | ✕ |
| Start-Up India Recognition | ✓ | ✓ | ✕ |
| Complince Cost | ✓ | ✓ | ✕ |
| Suited For | Growing Startup | Service Provider | Small Business |
| Taxation Benefit | ✓ | ✓ | ✕ |
FAQs
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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