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About This service

All businesses operating in India are required to file income tax return each year.Reporting business income during return filing is critical to avoid any tax non-compliance. At end of year businesses struggle to get their accounts in order. This premium ITR filing plan is designed to provide you professional help in preparing financial statements and filing business ITR.
Further, experts of Consult Mytax will assist you with payment of advance taxes and guide you on critical business finance planning to help maximize tax saving.

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Includes/exclude

in service

  • Account Summary - P&L and Balance Sheet
  • Advance Tax Payments
  • Expert Assisted Tax Filing for business and professionals
  • Tax Savings & Planning Advice
  • Documented follow up
  • Excludes the Tax audit Fees

Whom

it’s beneficial

  • Any business entity required to maintain books of accounts
  • Small Businesses and Professionals requiring books of account
  • Small businesses requiring Tax Audit including Derivative & intraday traders,our expert will file your return with with proper explanation.

Process

  • Purchase of plan
  • Provide documents
  • Financial Statements Preparation
  • Review computation sheet
  • Return filed & acknowledgement generated

Information/Documents

needed

  • Bank statements for the financial year
  • Income and Expense statements
  • Auditor reports

Other Information

The taxpayer has to communicate the details of his taxable income/loss to the Income tax Department. These details are communicated to the Income tax Department in the form of return of income.
The average time taken to file an income tax return for your business is 3 to 5 working days. Get a free consultation on business tax return filing by scheduling an appointment with our expert Advisors.

Which ITR is for filing Business Income?

Government has prescribed ITR-3, ITR-4, ITR-5, ITR-6 and ITR-7 for Income Tax filing of business and profession. Depending on the type of business, a particular type of ITR form should be used from the forms mentioned earlier.

What is the due date for filing business income tax return?

A working partner in firm or LLP is required to file return by 31st July for non-audit case and 30th September in case of audit.

• A partnership firm and LLP is required to file return by 31st July for non-audit case and 30th September in case of audit.

• A LLP is required to file return by 31st July for non-audit case and 30th September in case of audit.

• A trust is required to file return by 31st July for non-audit case and 30th September in case of audit.

Who all are required to get their accounts audited under Income Tax Act?

An assessee is liable to get his accounts audited by a Chartered Accountant mandatorily, if in the Previous Year,

• he was carrying on business and his total sales or turnover exceeded Rs. 1 crore (2 crores in case of presumptive taxation u/s. 44AD), or

• he was carrying on a profession, and his gross receipts exceeded Rs. 25 lakhs (50 lakhs in case of presumptive taxation u/s. 44ADA) (Applicable from Financial Year 2016-17 onwards), or

• he was carrying on business or profession and is covered under the provisions of section 44AD, 44AE, 44AF, 44BB or 44BBB and claims that his income from the said business is lower than the deemed profits and gains computed under the relevant section

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