Submitting business tax returns
Every year, income tax returns must be filed by all enterprises doing business in India. To comply with the Income Tax Act, a firm may additionally need to file a TDS return and pay advance tax in addition to completing an income tax return. The tax services platform Account Kart provides a number of services, including incorporation, GST return filing, income tax filing, and others. With Account Kart's assistance, you may file your company's income tax return and make sure it abides by the Income Tax Act and Rules. A business's income tax return typically takes 3 to 5 working days to file. By organising a meeting with an Account Kart Advisor, you can receive a free consultation on submitting business tax returns.
A person must file an income tax return every year if their commercial or professional revenue exceeds Rs. 2.5 lakhs.
Partnership firms, whether registered or unregistered, must file an ITR-5 income tax return annually. 30% income tax is applied to partnership businesses.
Limited Liability Partnership
Each year, income tax returns on Form ITR-5 and MCA Annual Returns must be filed by partnership firms with Indian registrations.
Every year, income tax returns in Form ITR-6 and MCA Annual Returns must be filed by all sorts of companies with Indian registrations.
Filing a Corporation Tax Return
Anyone running a proprietorship business is considered to have business income. India requires proprietorships to file an income tax return each year. Due to the fact that proprietorships are treated the same as the proprietor, the process for submitting a proprietorship's income tax return is quite similar to that of filing an individual tax return.
For a proprietorship, a tax audit
If the entire sales turnover for a proprietorship firm exceeds Rs. 1 crore throughout the financial year, an audit would be necessary. If a professional's total gross receipts for the assessment year were more A 50 lakh audit will be required.
When is the Proprietorship Tax Return Due?
A proprietorship whose income tax return is not subject to audit is required to be filed by July 31. The proprietorship's income tax return is due on September 30th if the Income Tax Act requires an audit of the return.
Tax Return Filing for Partnership Firms
No of how much money they make or lose, every partnership business must file an income tax return. The Income Tax Act treats partnership firms as a distinct legal entity for tax purposes. Therefore, the income tax rate that applies to partnership firms is comparable to that of LLPs and companies that are registered in India.
Filing Requirements for Partnership Firm Tax Returns
Regardless of profit or loss, filing an income tax return is a requirement for all partnership firms each year. A NIL income tax return must be submitted prior to the partnership firm's deadline if there was no business activity.
Rate of Income Tax for Partnership Firms
Partnership businesses are required to pay income tax at a rate of 30% of their entire revenue. When total revenue exceeds Rs. 1 crore, a partnership firm is further required to pay an income tax surcharge on the amount of tax at a rate of 12%. A partnership firm is also required to pay a health and education cess in addition to income tax and the surcharge. A 4% Health & Education Cess is applied to the total amount of income tax paid as well as any applicable surcharge.
Minimum Alternate Tax for Partnership Firms
Partnership firms are liable to minimal alternate tax, which is similar to income tax applicable to a company. A minimum alternative tax of 18.5% of adjusted gross income is imposed. Therefore, the income tax paid by a partnership firm with profits cannot be less than 18.5%. (raised by the education cess, the income tax surcharge, and the secondary and higher education cess).
Audit of Taxes for Partnership Firm
A tax audit is necessary for partnership firms that conduct business and have annual revenues of more over Rs. 1 crore. Similar to this, partnership firms that carry on a profession and have gross receipts over Rs. 50 lakhs the previous year are needed to get a tax audit. A partnership firm may also be required to conduct an audit if additional circumstances apply.
The deadline for submitting the partnership firm tax return
Most partnership businesses must file their income tax returns by July 31 of the assessment year. Partnership firms that are required by the Income Tax Act to have their accounts audited must file their income tax return by the deadline of September 30.
Form 1065-T for Partnership Firms
Form ITR 5 is the income tax return that partnership firms must submit. ITR 5 is an attachment-free form, like all other income tax forms; therefore there is no need to provide any supporting paperwork with a partnership business tax return. The taxpayer must, nonetheless, keep track of all business-related paperwork and present them to the tax authorities upon request.
Tax Return Filing for LLP
No of how much money they make or lose, LLPs must all file an income tax return. LLPs are treated as separate legal entities and are taxed differently from their partners. The income tax rate that applies to LLPs is comparable to that for firms incorporated in India.
Requirements for LLP Tax Return Filing
Regardless of profit or loss, all LLPs must file an income tax return each year. If there was no commercial activity, a NIL income tax return must be submitted before the deadline.
The LLP income tax rate
For LLPs with Indian registrations, a flat 30% of the entire income is the income tax rate that is applicable. When the total income reaches Rs. 1 crore, a surcharge of an additional 12% is added to the income tax that is due. A 4% Health & Education Cess is also applied on the income tax and surcharge of an LLP in addition to the income tax surcharge.
Alternate Tax Minimum for LLP
LLP is liable to minimal alternate tax, same like income tax applied to a firm. For LLP, an alternate tax of at least 18.5% of total adjusted income is imposed. Therefore, the amount of income tax an LLP must pay cannot be less than 18.5%. (raised by the education cess, the income tax surcharge, and the secondary and higher education cess).
For LLP, a tax audit
A practising Chartered Accountant must audit the books of every LLP whose revenue exceeds Rs. 40 lakh or whose contribution exceeds Rs. 25 lakh. Additionally, LLPs that engaged in certain Specified Domestic Transactions or International Transactions with Associated Enterprises must submit Form 3CEB. A Chartered Accountant must certify Form 3CEB. The 30th of November is the deadline for LLP tax filing for those obliged to submit Form 3CEB.
Due date for LLP tax return submission
In India, July 31st is the due date for LLP tax filings. The deadline for filing an income tax return for LLPs that must seek a tax audit is September 30.
Form 1065-T for Partnership Firms
Form ITR 5 must be used to file an income tax return for LLPs. The digital signature of one of the designated partners of the LLP must be used when submitting Form ITR 5 online.
Company Tax Return Filing
Income tax returns must be filed yearly by all businesses with Indian registrations. The filing of corporate tax returns falls into one of two categories, domestic company or foreign corporation, according to the Income Tax Act. A domestic company is one that is a Private Limited Company, One Person Company, or Limited Company and has been registered with the Ministry of
Filing Requirements for Corporate Tax Returns
Regardless of income, profit, or loss, all firms with an Indian registration must submit income tax reports annually. Thus, even defunct businesses with no activities are obligated to file an income tax return each year.
The Company's Minimum Alternate Tax
If the tax burden of the company is less than 18.5% of book profit, all companies must pay the minimal alternate tax at the rate of 18.5% of book profit plus surcharge and education cess.
Company's tax audit
Regardless of turnover or profit/loss, a Chartered Accountant must audit a company's books every year.
The deadline for submitting a company tax return
The deadline for filing income tax returns for all Indian-registered businesses is September 30. Companies that were incorporated between January and March are eligible to file their MCA annual return after the first 18 months. The Income Tax Act, however, forbids the use of a similar exemption. Due to this, even businesses that were registered from January to March are required to file their income tax returns by September 30th of the same year.
Company's Tax Return
Companies with an Indian business license that are engaged in profitable operations must submit Form ITR 6. As a result, Form ITR6 must be filed by private limited companies, limited companies, and one-person businesses.