ITR FOR BUSINESS & PROFESSION
BASIC PLAN
ELIGIBILITY CRITERIA OF ITR FOR BUSINESS INCOME TAX RETURN :
ITR-3 can be filed by individuals or HUFs whose:
o Income is more than Rs 50 Lakhs per annum.
o Income from – Proprietorship Business, Profession pertaining to Accountancy, Architecture, Medical, Engineering, etc.
o Income from other sources, Capital Gain, etc.
ITR-4 can be filed by individuals whose:
o Income is Less than Rs 2 Crores more of Business Income or Less than Rs 50 Lakhs of Professional Income.
o Income from – From Business and Profession computed under presumptive taxation scheme u/s 44AD*, 44ADA** or 44AE***.
ITR-5 can be filed by persons being a –
o Firm, Limited Limited Liability Partnership (LLP), Association of Persons (AOP), Body of Individuals (BOI), Artificial Juridical Person (AJP) referred to in clause (vii) of section 2(31), etc.
ITR-6 can be filed by every Company registered under the Companies Act-2013 or the Companies Act-1956, and if it does not claim any tax exemption under Section 11 of the Income Tax Act.
ITR-7 can be filed by Trust, Charity or a religious offering, Political parties, Medical institutions such as hospitals or clinics, Educational institutions such as school, colleges or universities.
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FILE FOR ITR-3 FORM :
- Proprietorship (Individual).
- Freelancers and Professionals.
- Partners in Firms.
» Preparation of:
- Balance sheet.
- Profit and Loss statement.
» Income Tax Return Filing.
Rs 2,499/-
ITR FOR BUSINESS & PROFESSION
STANDARD PLAN
FILE FOR ITR-3 FORM :
- Proprietorship (Individual).
- Freelancers and Professionals.
- Partners in Firms.
» Preparation of:
- Balance sheet.
- Profit and Loss statement.
» Income Tax Return Filing.
Rs 4,999/-
ITR FOR BUSINESS & PROFESSION
PREMIUM PLAN
FILE FOR ITR-3 FORM :
- Proprietorship (Individual).
- Freelancers and Professionals.
- Partners in Firms.
» Preparation of:
- Balance sheet.
- Profit and Loss statement.
» Income Tax Return Filing.
Rs 7,499/-
ITR FOR BUSINESS & PROFESSION
BASIC PLAN
FILE ITR-4 FORM FOR:
- ITR-4 Form is the Income Tax Return form for the taxpayers who opt for a presumptive income scheme under Section 44AD, 44ADA, 44AE.
- To enroll for the scheme, the taxpayer must have less than 2 crores of business income or less than Rs 50 lakhs of professional income.
Rs 1,249/-
ITR FOR BUSINESS & PROFESSION
STANDARD PLAN
FILE ITR-4 FORM FOR:
- ITR-4 Form is the Income Tax Return form for the taxpayers who opt for a presumptive income scheme under Section 44AD, 44ADA, 44AE.
- To enroll for the scheme, the taxpayer must have less than 2 crores of business income or less than Rs 50 lakhs of professional income.
Rs 1,499/-
ITR FOR BUSINESS & PROFESSION
PREMIUM PLAN
FILE ITR-4 FORM FOR:
- ITR-4 Form is the Income Tax Return form for the taxpayers who opt for a presumptive income scheme under Section 44AD, 44ADA, 44AE.
- To enroll for the scheme, the taxpayer must have less than 2 crores of business income or less than Rs 50 lakhs of professional income.
Rs 2,499/-
ITR FOR BUSINESS INCOME
BASIC PLAN
FILE ITR-5 FORM FOR:
» Partnership Firm/ LLP.
» Preparation of:
- Balance sheet.
- Profit and Loss statement.
» Income Tax Return Filing.
Rs 2,499/-
ITR FOR BUSINESS INCOME
STANDARD PLAN
FILE ITR-5 FORM FOR:
» Partnership Firm/ LLP.
» Preparation of:
- Balance sheet.
- Profit and Loss statement.
» Income Tax Return Filing.
Rs 4,999/-
ITR FOR BUSINESS INCOME
PREMIUM PLAN
FILE ITR-5 FORM FOR:
» Partnership Firm/ LLP.
» Preparation of:
- Balance sheet.
- Profit and Loss statement.
» Income Tax Return Filing.
Rs 7,499/-
ITR FOR COMPANY
BASIC PLAN
FILE ITR-6 FORM FOR:
» Preparation of:
- Balance sheet.
- Profit and Loss statement.
» Income Tax Return Filing.
Rs 7,499/-
ITR FOR COMPANY
STANDARD PLAN
FILE ITR-6 FORM FOR:
» Preparation of:
- Balance sheet.
- Profit and Loss statement.
» Income Tax Return Filing.
Rs 9,999/-
ITR FOR COMPANY
PREMIUM PLAN
FILE ITR-6 FORM FOR:
» Preparation of:
- Balance sheet.
- Profit and Loss statement.
» Income Tax Return Filing.
Rs 12,499/-
ITR FOR COMPANY
BASIC PLAN
ITR-7 RETURN FILING FOR:
- Entities claiming exemption as charitable/religions trust, political parties, scientific research institutions and colleges or universities.
Rs 6,999/-
ITR FOR COMPANY
STANDARD PLAN
ITR-7 RETURN FILING FOR:
- Entities claiming exemption as charitable/religions trust, political parties, scientific research institutions and colleges or universities.
Rs 9,999/-
ITR FOR COMPANY
PREMIUM PLAN
ITR-7 RETURN FILING FOR:
- Entities claiming exemption as charitable/religions trust, political parties, scientific research institutions and colleges or universities.
Rs 12,999/-
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BUSINESS INCOME TAX FILING
ITR FOR BUSINESS INCOME
- All businesses operating in India are required to file income tax return each year.
- In addition to filing income tax return, a business may also be required to file TDS return and pay advance tax to stay compliant under the Income Tax Act.
Any person having business or professional income of more than Rs 2.5 lakhs per year would be required to file income tax return each year.
Partnership firms (registered or unregistered) are required to file income tax return in for ITR-5 each year. Partnership firms attract income tax at the rate of 30%.
Limited Liability Partnership firms registered in India are required to file Income Tax Return in Form ITR-5 each year and MCA Annual Return.
All types of companies registered in India are required to file Income Tax Return in Form ITR-6 each year and MCA Annual Return.
PROPRIETORSHIP TAX RETURN FILING
- All proprietors below the age of 60 years are required to file income tax return if total income exceeds Rs. 2.5 lakhs.
- In the case of proprietors over the age of 60 years but below 80 years, income tax filing is mandatory if total income exceeds Rs.3 lakhs.
- Proprietors over the age of 80 years and above are required to file income tax return if the total income exceeds Rs.5 lakhs..
- The income tax rate for proprietorship is the same as the income tax rate for individuals.
- Unlike the income tax rate for LLP or Company which are flat rates, proprietorships are taxed on slab rates.
- The following is the income tax rate applicable for proprietorships for assessment year 2019-20, wherein the age of the proprietor is less than 60.
| Taxable Income | Income Tax Rate |
|---|---|
| Upto INR 2,50,000 | Nil |
| INR 2,50,000 - INR 5,00,000 | 5% |
| INR 5,00,000 - INR 10,00,000 | 20% |
| Above INR 10,00,000 | 30% |
- An audit would be required for a proprietorship firm if the total sales turnover is over Rs.1 crore during the financial year.
- In the case of a professional, audit would be required if total gross receipts is more than Rs.50 lakhs during the financial year under assessment.
- The income tax return of a proprietorship that doesn’t require audit is due on 31st July.
- In case the income tax return of a proprietorship needs to be audited as per Income Tax Act, then the return would be due on 30th September.
- For the assesment year 2017-18 only, which relates to income earned in Financial Year 2016- 17, proprietorship firms would be required to file Form ITR-3 or Form ITR-4-Sugam.
- Form ITR-3 can be filed by a proprietor or a Hindu Undivided Family who is carrying out a proprietary business or profession.
- Form ITR-4-Sugam can be filed by a proprietor who would like to pay income tax under the presumptive taxation scheme.
PARTNERSHIP FIRM TAX RETURN FILING
- All partnership firms are required to file income tax return each year, irrespective of income or loss.
- If there was no business activity, then a NIL income tax return must be filed before the due date for a partnership firm.
- Partnership firms are liable to pay income tax at the rate of 30% of total income.
- In addition to the income tax, a partnership firm is liable to pay income tax surcharge on the amount of income tax at the rate of 12%, when total income exceeds Rs.1 crores.
- In addition to the income tax and surcharge, a partnership firm must pay Health & Education cess. Health & Education Cess is applicable on the amount of income tax and the applicable surcharge at the rate of 4%.
- Similar to income tax applicable for a company, partnership firms are subject to minimum alternate tax.
- A minimum alternate tax of 18.5% of adjusted total income is applicable.
- Hence, income tax payable by a partnership firm having profits cannot be less than 18.5 per cent (increased by income tax surcharge, education cess and secondary and higher education cess).
- Partnership firms carrying on business with a total sales of over Rs.1 crore are required to obtain tax audit.
- Similarly, partnership firms, carrying on a profession wherein gross receipts in profession exceed Rs.50 lakhs in the previous year are required to obtain tax audit.
- In addition, there are other conditions applicable which could make an audit mandatory for a partnership firm.
- The income tax return due date for most partnership firms is July 31 of the assessment year.
- Partnership firms required to get its accounts audited under the income tax Act must file the income tax return before the September 30th deadline.
- Partnership firms are required to file income tax return in form ITR 5.
- Like all other income tax forms, ITR 5 is an attachment less form and there is no requirement for submitting any documents or statements along with a partnership firm tax return.
- However, the taxpayer must save all records pertaining to the business and produce the same before tax authorities when requested.
LLP TAX RETURN FILING
- All LLPs are required to file income tax return each year, irrespective of income or loss.
- If there was no business activity, then a NIL income tax return must be filed before the due date.
- The income tax rate applicable for LLP registered in India is a flat 30% on the total income.
- In addition to the income tax, a surcharge is levied on the income tax payable at the rate of 12% when the total income exceeds Rs.1 crore.
- In addition to income tax surcharge, a Health & Education cess at 4% is also applicable on the income tax and surcharge of a LLP.
- Similar to income tax applicable for a company, LLP is also subject to minimum alternate tax.
- A minimum alternate tax of 18.5% of adjusted total income is applicable for LLP.
- Hence, income tax payable by LLP cannot be less than 18.5 per cent (increased by income tax surcharge, education cess and secondary and higher education cess).
- LLP whose turnover exceeded Rs. 40 Lakh or whose contribution exceeded Rs. 25 Lakh are required to get their accounts audited by a practising Chartered Accountant.
- In addition, LLPs that entered into an international transaction with associated enterprises or undertook certain Specified Domestic Transactions are required to file Form 3CEB.
- Form 3CEB must be certified by a Chartered Accountant.
- LLPs required to file Form 3CEB have 30th November as the deadline for LLP tax filing.
- The deadline for LLP tax filing in India is July 31st.
- LLPs that are required to obtain a tax audit have 30th September as deadline for filing income tax return.
- LLPs are required to file income tax return in form ITR 5.
- Like all other income tax forms, ITR 5 is an attachment less form and there is no requirement for submitting any documents or statements along with a partnership firm tax return.
- However, the taxpayer must save all records pertaining to the business and produce the same before tax authorities when requested.
- Form ITR 5 must be filed online using the digital signature of one of the designated partner of the LLP.
COMPANY TAX RETURN FILING
- All companies registered in India are required to file income tax returns each year, irrespective of income, profit or loss.
- Hence, even dormant companies with no transactions are required to file income tax return each year.
- For assessment year 2019-20, Income tax rate of 25% of total income is applicable for domestic companies having total turnover of less than Rs.250 crores in the year 2016-17.
- For companies having a turnover of more than Rs.250 crores in the year 2016-17, income tax rate of 30% is applicable.
- In addition to the income tax, companies are required to pay surcharge and Health & Education Cess at 4% on income tax and surcharge.
- All companies are required to pay minimum alternate tax at the rate of 18.5% of book profit plus surcharge and education cess, if the tax liability of the company is less than 18.5% of book profit.
- The accounts of a company must be audited each year by a Chartered Accountant, irrespective of turnover or profit/loss
- All companies registered in India are required to file income tax return on or before the 30th of September.
- Companies incorporated between January – March can file MCA annual return after 18 months in the first year.
- However, the same type of exemption is not available under the Income Tax Act. Hence, even companies registered from January – March must file income tax return on or before 30th September of the same calendar year.
- Companies registered in India and operating a business for profit must file Form ITR 6.
- Hence, private limited companies, limited companies and one person companies would be required to file Form ITR6.
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