BUSINESS TAX RETURN FILING

All businesses employed in India are required to file income tax returns each year. In addition to filing income tax returns, a business may also need to file TDS returns and pay advance tax to stay under the Income Tax Act. eMindsCA.com is India’s largest tax service platform, which includes many services like incorporation, GST return filing, income tax filing and more. eMindsCA.com can help in filing income tax returns for your business and can ensure that it is in compliance with the Income Tax Act and the rules. The average time taken for filing income tax returns for your business is 3 to 5 business days. Get a free consultation on business tax return filing by scheduling an appointment with eMindsCA.com Advisor.

BUSINESS TAX RETURN FILING

Ownership

Any person who has a business or business income of more than Rs 2.5 lakh per year, will be required to file income tax returns each year. eMindsCA.com filing income tax from Rs.2500 for professionals and proprietors.

Partnerships

Sharing firms (registered or unregistered) is required to file income tax return in the form of ITR 5 each year. The partnership firm attracts income tax at the rate of 30%. eMindsCA.com offers to file income tax for partnership firms from Rs.5000.

LLP

Limited liability partnership firms registered in India are required to file income tax returns in the annual ITR-5 and MCA annual returns each year. eMinds CA offers comprehensive compliance management from Rs.7000 for LLP.

Companies

All types of companies registered in India are required to file income tax returns in the form ITR-6 and MCA annual returns each year. eMindsCA.com provides comprehensive compliance management for companies starting from Rs.9000.

PROPRIETORSHIP

Income tax return filing for a Proprietorship firm with less than Rs.25 lakh turnover.

Rs.2500
  • Dedicated Accountant
  • Financial Statement Preparation
  • Income Tax eFiling by Accountant
PARTNERSHIP

Income tax return filing for a Partnership firm and LLP with less than Rs.25 lakh turnover.

Rs.5500
  • Dedicated Accountant
  • Financial Statement Preparation
  • Income Tax eFiling by Accountant
LLP

Income tax return filing for a LLP with less than Rs.25 lakh turnover.

Rs.7500
  • Dedicated Accountant
  • Financial Statement Preparation
  • Income Tax eFiling by Accountant
COMPANIES

Income tax return filing for a private limited company with less than Rs.25 lakh turnover.

Rs.7500
  • Dedicated Accountant
  • Financial Statement Preparation
  • Income Tax eFiling by Accountant

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Proprietary Tax Return Filing

It is said that any person has business income, which operates a proprietary firm. The proprietorship employed in India has to file income tax returns every year. Since proprietorship is considered as another proprietor, the process of filing income tax return for proprietorship is similar to that of personal income tax return filing.

Filing Proprietary Requirements for Tax Returns

All owners below the age of 60 are required to file income tax returns if the total income exceeds Rs. 2.5 lakhs In the case of ownership of more than 60 years of age, but income tax filing is mandatory under the age of 80 years, if the total income is more than Rs.3 lakhs. Supporters of the age of 80 years and above need to file income tax returns if the total income is Rs. More than 5 million.

Income Tax Rate for Proprietorship

Income tax rate for a proprietorship is similar to the income tax rate for individuals. For LLPs or companies which are flat rates, in contrast to the income tax rate, ownership tax is levied on slab rates. For the assessment year 2017-18, the following income tax rate is applicable for proprietorships, in which the proprietor is under 60 years of age.

Taxable Amount Tax Rate

Rupees. 0 – Rs. 2,50,000 0%
Rupees. 2,50,001 to Rs. 5,00,000 10%
Rupees. 5,00,001 – Rs. 10,00,000 20%
More than Rs. 10,00,000 30%

Tax Audit for Proprietorship

If total sales turnover during the financial year is more than one crore rupees, then a proprietorship firm will need to audit. In case of a professional, audit will be required if the total gross receipts during the financial year are more than Rs 50 lakhs under evaluation.

Proprietary Tax Return Deadline

Audit return on July 31 is not required, income tax return of a proprietorship If income tax returns of a proprietorship are required according to the income tax act according to the income, then the return will be on September 30.

Tax Returns for Proprietorship

For assessment year 2017-18, which is related to the income earned in the financial year 2016- 17, proprietorship firms need to submit Form ITR-3 or Form ITR-4-Easy access. Form ITR-3 can be filed by a proprietor or a Hindu undivided family who is doing a proprietary business or profession. Form ITR-4-accessible can be filed by a proprietor, who wants to pay income tax under presumed taxation plan.

Partnership Firm Tax Returns Filing

All partnership firms have to file an income tax return, no matter how much income or losses it is. Sharing firms are taxed as a separate legal entity under the Income Tax Act. Therefore, the applicable income tax rate for partnership firms is similar to the LLPs and companies registered in India.

Need to File Partnership Firm Tax Returns

All partnership firms are required to file income tax returns each year, despite income or losses. If there was no business activity, then a partnership firm would have to file an NIL income tax return before the due date.

Income Tax Rate for Partnership Firms

The partnership firm is liable to pay income tax at the rate of 30% of the total income. In addition to income tax, a partnership firm is liable to pay income tax on the amount of income tax at the rate of 12%, when the total income exceeds 1 crore rupees. In addition to income tax and surcharges, a partnership firm will have to pay education cess and secondary higher education cess. Education cess applies to the amount of income tax and 2% on applicable surcharge. Secondary and Higher Education Cess is applicable on the amount of income tax and applicable surcharge at the rate of 1%.

Minimum Optional Tax for Partnership Firms

Similar to the income tax applicable to a company, the partnership firm is subject to the minimum alternate tax. A minimum optional tax of 18.5% of the adjusted total income is applicable. Therefore, income tax payable by a partnership firm can not be less than 18.5 percent (income tax surcharge, education cess and secondary and higher education cess).

Tax Audit for Partnership Firm

For obtaining tax audit, trading companies with more than Rs 1 crore are required to do business. Likewise, the partnership firm takes on such a profession, in which the gross receipts in the last year exceed Rs 50 lakhs, tax audit is necessary. In addition, other conditions also apply which can make audit compulsory for a partnership firm.

Partnership Firm Tax Return Deadline

Income tax returns for most partnership firms are due date 31, of the assessment year. In order to conduct audits for their accounts under the Income Tax Act, the required firms need to file income tax returns before the September 30 deadline.

Tax Returns for Partnership Firms

Partnership firms need to file income tax returns as ITR 5. Like all other income tax forms, ITR 5 is an Annex less form and there is no need to submit any document or statement with the partnership firm tax return. However, the taxpayer should save all records related to the business and submit it to the tax authorities on request.

Filing of LLP Tax Returns

All LLPs are required to file income tax returns, irrespective of the amount of income or losses. The LLP is a separate legal entity and is separated from the partners of the LLP. The applicable income tax rates applicable for LLP are the same companies registered in India.

Requirement for filing LLP Tax Returns

All LLPs are required to file income tax returns every year, whether it is income or loss. If there was no business activity, then an NIL Income Tax return will be filed before the due date.

Income Tax Rate for LLP

The income tax rate applicable for LLP registered in India is a flat 30% on the total income. In addition to income tax, a surcharge is levied on the income tax payable at the rate of 10% if total income is more than Rs. In addition to income tax surcharge, an education cess and secondary and higher education cess on the income of an LLP are also applicable.

Minimum Optional Tax for LLP

Like any applicable income tax for a company, LLP is also subject to the minimum alternate tax. The minimum alternate tax of 18.5% of the total income adjusted for LLP is applicable. Therefore, income tax payable by LLP can not be less than 18.5 percent (income tax surcharge, education cess and secondary and higher education cess).

Tax Audit for LLP

LLP whose turnover exceeds Rs. 40 lakhs or whose contribution exceeded Rs. 2.5 million is required by an accountant Chartered Accountant to audit their accounts. In addition, LLP, which enters an international transaction with affiliated enterprises or does make specified domestic transactions, they need to file Form 3 CEB. Form 3 CEB should be certified by a chartered accountant. The LLP required for filing LLP form is the last date for filing an LLP on November 30.

LLP Tax Return Deadline

The deadline for filing of LLP tax in India is July 31. The LLP, which is required to obtain a tax audit, is in the form of time limit for filing income tax returns on September 30.

Tax Returns for Partnership Firms

LLP will have to file income tax return using Form ITR5. Using the digital signature of one of the named partners of LLP, Form ITR 5 should be entered online.

Filing Company Tax Returns

All companies registered in India are required to file income tax returns each year. Under the Income Tax Act, the company tax return filing falls under two categories i.e. domestic company or foreign company. Companies registered with the Ministry of Corporate Affairs, such as private limited company, one person company or limited company, are classified as domestic companies.

Filing Company Requirements for Tax Returns

All companies registered in India are required to file income tax returns each year, despite income, profit or loss. Therefore, even non-transactional companies are required to file income tax returns every year.

Income Tax Rate for Company

In the year 2015-16, the income tax rate is 25% of the total income for companies with total turnover of less than Rs 50 crore. For companies operating more than Rs 50 crore in the year 2015-16, 30% income tax rate is applicable. Apart from income tax, companies may also have to pay income tax surcharge, education cess and secondary and higher education cess.

Minimum Alternate Tax for the Company

All companies are required to pay the minimum optional tax at the rate of surcharge of book profit and 18.5% of education cess, if the company’s tax liability is less than 18.5% of book profit.

Tax Audit for the Company

Accounts of a company should be audited every year by a chartered accountant, whether it is turnover or profit/loss.

Company Tax Return Filing Date

All companies registered in India are required to file income tax return on or before September 30. Companies included in January-March can post MCA annual returns after 18 months in the first year. However, the same type of rebate is not available under the Income Tax Act. Therefore, companies registered with January-March must also file income tax returns on or before September 30 of the same calendar year.

Tax Return for Company

Registered companies in India and businessman for profit should file Form ITR 6. Therefore, private limited companies, limited companies and one person companies will need to file Form ITR6.

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