Business Income Tax Return(ITR)

📊 Business Income Tax Return (ITR) Filing in India

Simplify Your Business Tax Filing with India Fills

🔍 What is Business Income Tax Return (ITR)?

A Business Income Tax Return is a formal statement filed with the Income Tax Department by business entities like proprietorships, partnerships, LLPs, and companies to report their income, expenses, deductions, and tax liability. Filing accurate returns is not only a legal obligation but also essential for smooth business operations, loan approvals, and government registrations.

🏢 Who Should File Business ITR in India?

Any business earning income during a financial year is required to file ITR. This includes:

✅ Sole Proprietorships
✅ Partnership Firms
✅ LLPs (Limited Liability Partnerships)
✅ Private Limited Companies
✅ Public Limited Companies
✅ Startups & MSMEs
✅ Freelancers & Consultants with Business Income

📂 Types of ITR Forms for Businesses

Depending on the type of business and income, the following ITR forms are applicable:

• ITR-3 – For individuals and HUFs having income from business/profession
• ITR-4 (Sugam) – For presumptive income under sections 44AD, 44ADA & 44AE
• ITR-5 – For firms, LLPs, AOPs, BOIs (not claiming exemption under section 11)
• ITR-6 – For companies other than those claiming exemption under section 11
• ITR-7 – For trusts and other institutions eligible under section 139(4A) to 139(4D)

📅 Due Dates for Business ITR Filing (AY 2025–26)

Late filing can attract penalty under Section 234F and interest under Section 234A/B/C.

🧾 Key Documents Required for Business ITR Filing

Here are the commonly required documents:

📁 PAN & Aadhaar of Proprietor/Partners/Directors
📁 Business PAN and Registration Documents
📁 Bank Statements for the Financial Year
📁 Profit & Loss Account and Balance Sheet
📁 GST Returns (if applicable)
📁 TDS Certificates (Form 16A/26AS)
📁 Investment Proofs (for deductions)
📁 Loan or Interest Certificates
📁 Books of Accounts (mandatory for audit cases)

🧮 Tax Regimes Available for Businesses

• Normal Tax Regime – With full deductions and exemptions
• New Tax Regime – Lower slab rates but no deductions/exemptions

Choose your tax regime wisely as it can impact your tax liability significantly. You can opt in or out of the new regime under prescribed timelines.

📚 Presumptive Taxation for Small Businesses

Under Sections 44AD, 44ADA, and 44AE, small taxpayers can opt for presumptive taxation, where income is declared on a percentage basis without maintaining books of accounts. Applicable for:

✔ Small traders & businesses (Section 44AD)
✔ Professionals like doctors, lawyers, etc. (Section 44ADA)
✔ Transport businesses (Section 44AE)

💼 Mandatory Audit for Certain Businesses

Businesses need to undergo a tax audit under Section 44AB if:

• Turnover exceeds ₹1 crore (non-cash transactions)
• Turnover exceeds ₹10 crore (entirely digital transactions)
• Professionals earning over ₹50 lakhs annually
• If opting out of presumptive taxation after opting in previously

Tax audit reports (Form 3CA/3CB & 3CD) must be filed by the audit deadline.

🎯 Why Timely ITR Filing is Important for Businesses?

✔ Avoid penalties & interest
✔ Claim carry-forward of losses
✔ Obtain business loans & credit
✔ Mandatory for GST compliance
✔ Build financial credibility
✔ Required for tender applications and funding rounds

✅ Why Choose India Fills for Business ITR Filing?

At India Fills, we offer end-to-end support with expert consultation to simplify your business ITR filing process.

🔹 Experienced Tax Professionals
🔹 Audit & Accounting Assistance
🔹 Fast, Error-Free Filing
🔹 Tax Saving Guidance
🔹 Affordable Pricing
🔹 Nationwide Digital Support

📞 Contact India Fills – Let’s File Your Business ITR Today!

Don’t wait until the deadline! Let our tax experts handle everything for you—from documentation to final submission.

📲 Call us at: 973222 7778
🌐 Visit: www.indiafills.com

Grow your business, and leave the tax work to us!