Business tax return filing is income tax return with additional filing of TDS for businesses and has to be filled each year. This return is also a statement of the earnings and expenditures. It includes information about fixed assets, loans acquired, loans lent, debtors and creditors of business etc. If you are a business owner in India, you need to file the income tax returns every year diligently in order to be tax compliant. Tax filing helps build the credibility of the business.

Tax returns permit tax payers to calculate the tax payments schedule, tax liability and tax refund in in case of overpayment. Different countries have different tax return filing policies and features, but the time frame is commonly on an annual basis. Business tax return for an individual business or a company with an income in par or more than the exempted limit as specified by government must file taxes annually. Income includes wages, interests, dividends, capital gains, and profit.

For businesses with a turnover above Rs. 1 crore, a tax audit is mandatory. Similarly, for professionals with turnovers of Rs. 50 lakhs also require a tax audit. A tax audit basically means examination of the tax return filed (for the aforementioned categories) to verify the accuracy of the income details and the deductions mentioned. Chartered Accountants are hired to audit such accounts and business tax returns.

For profits lesser than 8% or 6% for digital transactions for businesses, tax audits can be done. Professionals with less than 50% receipts can also get their tax audits performed. In case of a loss in business too, tax audit can be done to be able to carry forward the loss.

We are sure you won’t miss your ITR filing this year and the coming year - there are so many advantages to doing it.

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