Business Tax Filing
1 Year GST Filing, TDS Filing and Income Tax Filing through LEDGERS Platform. Accountant will be assigned on request of client through LEDGERS Platform.
What is a business tax return?
A business tax filing is basically an income tax return. The return is a statement of income and expenditure of the business. Also, any tax to be paid on the profits made by you is declared in this return. The return also contains details of the assets and liabilities held by the business. Items like fixed assets, debtors and creditors of business, loans taken and loans were given are declared here.
Who has to file a business tax return?
TAX FILING of return mainly depends on the type of business structure. For example:
- If you are a sole proprietor your business income and your other personal income like salary, income from house property and interest income have to be stated on the same return.
- If your total income before deductions is above the basic taxable limit you need to compulsorily file your income tax return irrespective of profit or loss in your business.
- The basic taxable limit is Rs. 2.5 lakh. So, if your income before deductions is above Rs 2.5 lakh you need to file your business tax return.
- For BUSINESS TAX FILING companies, firms and Limited Liability Partnership (LLP) a business tax return has to be filed irrespective of profit or loss. Even if there are no operations undertaken, a return has to be filed.
- Companies, firms, and LLPs are taxed at a rate of 30%..
Important Announcement
File Income Tax Return for FY 2024-25 Before 31st July 2025 (Without Late Fees)