Business Tax Filing
- Art Teacher
- London, UK
- 5-7 Hrs
Running a business? Then you already know—paying taxes isn’t optional, it’s essential. But here’s what many entrepreneurs overlook: filing business tax returns on time can actually save you money and help you scale faster. Whether you’re a sole proprietor, partnership firm, LLP, or private limited company, filing your income tax return (ITR) is not just about legal compliance—it’s also about maintaining transparency, securing loans, attracting investors, and building a strong financial profile. With proper bookkeeping and the right documents, you can file returns smoothly through the Income Tax e-filing portal.
- PAN & Aadhaar of business owner/partners/directors
- Business PAN (for firms, LLPs, companies)
- Certificate of Incorporation or Partnership Deed
- GST returns (if registered)
- TDS returns (Form 24Q/26Q)
- Income & Expense statement (Profit & Loss Account)
- Balance Sheet
- Bank statements
- Loan and investment details
- Form 26AS & AIS
- Digital Signature Certificate (for companies/LLPs)
- Auditor’s report (if applicable)
- Collect and review financials: Income, expenses, assets, liabilities.
- Determine applicable ITR form
- Prepare computation of income and calculate tax liability (including advance tax/TDS).
- Pay self-assessment tax if needed.
- File return on incometax.gov.in and verify using DSC/EVC.
- If audit is applicable (turnover > ₹1 crore or ₹10 crore in some digital cases), file Tax Audit Report first.
FAQs
No, to claim depreciation under the Income Tax Act, the business must maintain books and provide prescribed particulars, as depreciation is calculated based on asset values recorded in the books.
The ‘first to file’ rule awards patent rights to the first person to file a patent application, not necessarily the first to invent.
Presumptive taxation (under sections 44AD, 44ADA, 44AE) allows eligible small businesses to declare income at a prescribed rate of turnover, eliminating the need to maintain detailed books and claim specific expenses, including depreciation.
Yes, filing ITR is recommended even if there is zero income or loss, especially to carry forward business losses or for compliance.
Yes, interest paid on business loans is allowed as a deductible business expense under the Income Tax Act, provided the loan is used wholly and exclusively for business purposes.