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Income Tax Return for Business
An Income tax Return is a statement of Income earned to calculate tax liability and payment or refund of taxes to the government. Thus the purpose of filing the return is to report our income and taxes paid thereon to the government. It is mandatory for individuals, NRIs, partnership firms, LLPs, Companies, Trust to file income tax returns each year. Income tax return form can be e-filed or manually filed. Legal Suvidha Providers can help you file income tax returns.
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Overview of Income Tax Return for Business
Income tax is the taxes paid on the total income earned during the relevant financial year at the rates prescribed.
An Income tax Return is a statement of Income earned to calculate tax liability and payment or refund of taxes to the government. Thus the purpose of filing the return is to report our income and taxes paid thereon to the government. It is mandatory for individuals, NRIs, partnership firms, LLPs, Companies, Trust to file income tax returns each year. Income tax return form can be e-filed or manually filed. Legal Suvidha Providers can help you file income tax returns.
Advantages of Income Tax Return for Business
| Helps in Availing any Loan Facility | Whenever an individual opts for an education loan or home loan or any personal loan Banks ask for 2-3 years of Income Tax Acknowledgement. This is possible only when an individual files his return timely. |
| For Visa and Immigration Processing | The ITR acknowledgment works as proof of the financial soundness of an individual. The ITR acknowledgment of the last 2-3 years is required when an individual applies for a VISA. |
| For Claiming Refund | In case, an assessee has paid the excess of TDS, to claim such excess return, the assessee has to file its return. |
Registration Process of Income Tax Return for Business
Step 1: Document Collection: A Legal Suvidha Income Tax Expert will collect the necessary information and documents for the preparation of income tax returns.
Step 2: Return Preparation: Based on the documents and information presented, we will prepare your return and send it for your approval.
Step 3: Return Filing: Once the tax return is verified and accepted by you, our Tax expert will file your tax return with the Income Tax Department.
Documents Required of Income Tax Return for Business
| ITR – 1 (Also known as SAHAJ) | It applies to an individual having: • salary or pension income or income from one house property (not a case of brought forward loss) or income from other sources (not being lottery winnings and income from race horses). • Exempt income without ceiling limit (other than agricultural income exceeding Rs. 5000) |
| ITR-2 | It applies to an individual or a Hindu Undivided Family having income from any source other than “Profits and gains of business or profession”. |
| ITR – 2A | It applies to an individual or a Hindu Undivided Family having income from Salary, more than one House Property but does not have Capital Gain or PGBP. |
| ITR – 3 | It is applicable to an individual or a Hindu Undivided Family who is a partner in a firm and income chargeable to income-tax in his/its hands under the head “Profits or gains of business or profession” does not include any income except the income by way of any interest, salary, bonus, commission or remuneration, by whatever name called, due to, or received by him from such firm. |
| ITR – 4S | Also known as SUGAM applies to individuals and HUFs who have opted for the presumptive taxation scheme of section 44AD/ 44AE. |
| ITR – 4 | It applies to an individual or a Hindu Undivided Family who is carrying on a proprietary business or profession. |
| ITR – 5 | Income Tax Form ITR 5 is used by most partnership firms as it is intended for persons other than individuals, Hindu Undivided Families, companies and person filing Form ITR-7. |
| ITR – 6 | It applies to a company, other than a company claiming an exemption under section 11 (charitable/religious trust can claim an exemption under section 11). |
| ITR – 7 | Income Tax Form ITR 7 is used by persons, political parties, news agencies, universities and entities in receipt of income from property held under trust for charitable or religious purposes. |
| ITR – V | It is the acknowledgment of filing of return of income |
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