Business Tax Filing
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File your business tax returns and maintain compliance seamlessly through Easebis. Get a Dedicated Accountant and LEDGERS compliance platform for your business.
- Easy And Fast hassle-free process.
- Availability of In-house experts.
- Bookkeeping of assets, sales, purchases, and expenses.
- Get your balance sheet, audit and director's report prepared.
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Why should I Use Easebis for the Business Tax Filing?
Our online bookkeeping services have end-to-end online fulfilment provided by our professional. It’s very simple, completely digital, and available for all 365 days.
1. Book a slot with our compliance experts
2. Provide all the required information
3. Get your company compliances done
Business Tax Filing - An Overview
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. Easebis is India’s largest tax services platform offering a range of services like incorporation, GST return filing, income tax filing and more. Easebis can help file income tax return for your business and ensure it remains compliant under the Income Tax Act and Rules. 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 an Easebis Advisor.
Proprietorship
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. Easebis offers income tax filing for professionals
Partnership
Partnership firms (registered or unregistered) are required to file income tax return in form ITR 5 each year. Partnership firms attract income tax at the rate of 30%. Easebis offers income tax filing for partnership firms.
LLP
Limited Liability Partnership firms registered in India are required to file Income Tax Return in Form ITR-5 each year and MCA Annual Return. Easebis offers comprehensive compliance management for LLPs starting.
Companies
All types of companies registered in India are required to file Income Tax Return in Form ITR-6 each year and MCA Annual Return. Easebis offers comprehensive compliance management for companies.
Proprietorship Tax Return Filing
Any individual who has business income is said to be operating a proprietorship firm. Proprietorships operating in India are required to file income tax return each year. Since proprietorships are considered to be one and same as the proprietor, the income tax return filing procedure for a proprietorship is similar to individual income tax return filing.
Requirement for Filing Proprietorship Tax Return
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.
Income Tax Rate for Proprietorship
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 Amount | Tax Rate |
|---|---|
| Rs. 0 – Rs. 2,50,000 | 0% |
| Rs. 2,50,001 to Rs. 5,00,000 | 5% |
| Rs. 5,00,001 – Rs.10,00,000 | 20% |
| Above Rs. 10,00,000 | 30% |
Partnership Firm Tax Return Filing
All partnership firm are required file the income tax return, irrespective of amount of income or loss. Partnership firms are taxed as a separate legal entity under the Income Tax Act. Hence, the income tax rate applicable for partnership firms is similar to LLPs and Companies registered in India.
Requirement for Filing Partnership Firm Tax Return
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.
Income Tax Rate for Partnership Firms
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%.
LLP Tax Return Filing
All LLPs are required file the income tax return, irrespective of amount of income or loss. LLPs are a separate legal entity and are taxed separately from the Partners of the LLP. The income tax rate applicable for LLPs is similar companies registered in India.
Requirement for Filing LLP Tax Return
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.
Income Tax Rate for LLPs
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.
Company Tax Return Filing
All companies registered in India are required to file income tax returns each year. Under the Income Tax Act, company tax return filing falls under two categories, namely domestic company or foreign company. Companies registered with the Ministry of Corporate Affairs like Private Limited Company, One Person Company or Limited Company are classified as a domestic company.
Requirement for Filing Company Tax Return
All companies registered in India are required to file income tax returns each year. Under the Income Tax Act, company tax return filing falls under two categories, namely domestic company or foreign company. Companies registered with the Ministry of Corporate Affairs like Private Limited Company, One Person Company or Limited Company are classified as a domestic company.
Income Tax Rate for Company
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.
Who has to file a business tax return?
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 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%.
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Frequently Asked Questions (FAQs)
While it is possible to file business taxes on your own, it is advisable to seek professional assistance to ensure that all tax laws and regulations are complied with, and to minimize the risk of errors or omissions.
The frequency of filing business taxes depends on the type of taxes being filed and the size and structure of the business. For example, businesses may need to file monthly, quarterly, or annually.
If you miss the deadline for filing your business taxes, you may be subject to penalties and interest charges. It is important to file your taxes on time to avoid these penalties.
Yes, you can make changes to your business tax return after filing it by submitting an amended return. However, it is important to ensure that the changes are accurately reflected and that all relevant documents are provided.
There are several strategies that businesses can use to reduce their tax liability, including taking advantage of tax deductions and credits, investing in tax-efficient assets, and structuring the business in a tax-efficient manner.
Yes, businesses may be able to carry forward losses incurred in one tax year to offset income in future tax years.
The documents required to file business taxes may vary depending on the type of taxes being filed and the nature of the business. Generally, you will need to provide financial statements, income and expense records, and other relevant business documents.
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Excellent customer service from EaseBis team. Right from the time, the business engagement starts to the completion of e-filing and tax refund (if applicable), the team at EaseBis constantly assists the customer and is proactive to resolve queries in the shortest possible time.
