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Setting up a business and understanding the complexities of filing returns is essential to running a business. A business tax filing is an income tax return filing applicable to companies. It serves as a comprehensive record of the business's earnings and expenses.
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At Solocorp, we streamline the ITR e-filing process, enabling you to submit your ITR returns online with ease. Our service simplifies each step, ensuring a faster, more efficient, and secure income tax e-filing experience.
A business tax return refers to an income tax return for businesses. A business income tax return is a comprehensive report that outlines a business's income, expenses, and pertinent tax details, all presented in a designated form.
It entails the submission of income tax returns for businesses, with the added requirement of reporting Tax Deducted at Source (TDS). This process must be carried out annually.
This return serves as a financial statement detailing earnings, outlays, and is a documentation of additional financial components like fixed assets, loans obtained, loans extended, debtors, and creditors within the business.
It is important to meet the income tax return filing last date for business.
Filing a business income tax return is mandatory for all eligible businesses operating within the framework of Indian tax regulations. The need to do a business tax return filing is contingent upon the structure of the business:
Any individual with business income is said to be operating a proprietorship firm. Proprietorships operating in India are required to file income tax returns each year. Since proprietorships are considered the same as proprietors, a proprietorship's income tax return filing procedure is similar to individual income tax return filing.
The income tax rates applicable to proprietorships for the assessment year 2024-25, for proprietors under the age of 60, are as follows:
| Net Income Range | Rate of income-tax (%) |
|---|---|
| Up to Rs.2,50,000 | - |
| Rs.2,50,001 to Rs. 5,00,000 | 5 |
| Rs. 5,00,001 to Rs. 10,00,000 | 20 |
| Above Rs. 10,00,000 | 30 |
The income tax rates applicable to proprietorships for the assessment year 2023-24, for proprietors aged between 60 and 80, are as follows:
| Net Income Range | Rate of income-tax (%) |
|---|---|
| Up to Rs. 3,00,000 | - |
| Rs. 3,00,001 to Rs. 5,00,000 | 5 |
| Rs. 5,00,001 to Rs. 10,00,000 | 20 |
| Above Rs. 10,00,000 | 30 |
The income tax rates applicable to proprietorships for the assessment year 2023-24, for proprietors above 80 years of age, are as follows:
| Net Income Range | Rate of income-tax (%) |
|---|---|
| Up to Rs. 5,00,000 | - |
| Rs. 5,00,001 to Rs. 10,00,000 | 20 |
| Above Rs. 10,00,000 | 30 |
The surcharge rates applicable to proprietors for the assessment year 2023-24 are as follows:
| Range of Income | Surcharge Rate |
|---|---|
| Rs. 50 Lakhs to Rs. 1 Crore | 10% |
| Rs. 1 Crore to Rs. 2 Crores | 15% |
| Rs. 2 Crores to Rs. 5 Crores | 25% |
| Above Rs. 5 Crore | 37% |
To operate an LLP in India, you need to obtain certain licenses and registrations, including:
Company tax filing is mandatory for all registered companies in India, including both domestic and foreign companies.
Companies registered with the Ministry of Corporate Affairs (Private Limited, Limited, or One-Person Companies) are required to file tax returns yearly.
Domestic companies with a turnover of less than Rs. 400 crores in FY 2020-21 are taxed at 25%, and those with turnover above Rs. 400 crores are taxed at 30%.
Companies with a lower tax liability must pay Minimum Alternate Tax (MAT) at 15% of book profit, along with applicable surcharge and education cess.
A Chartered Accountant must audit the accounts of all companies annually, regardless of turnover or profit.
The deadline for filing income tax returns is September 30, except for companies incorporated between January and March, which must file by the same year’s September 30.
Companies must file Form ITR 6 for business income tax returns.
Solocorp makes the complex process of business tax return filing easy and hassle-free. We provide a user-friendly platform that guides you through filing taxes on time, ensuring that your tax obligations are met efficiently and accurately.
Our team of experts is well-versed in tax regulations, ensuring that your business taxes are filed in compliance with the law. With our experience, we help businesses of all sizes file their returns seamlessly and on time.
We assist with the selection of the correct ITR form, help you stay updated with filing deadlines, and ensure a meticulous filing process to avoid errors.
Our platform simplifies the business tax filing process, making it quick and easy for you to file your returns with confidence.
Our experienced team provides step-by-step guidance to ensure accurate tax filing and compliance with all regulations.
We help you file your business tax returns on or before the due date, avoiding penalties and ensuring a smooth filing process.
Our experts will help you choose the correct ITR form, ensuring your business income tax return is filed correctly.
Our LEDGERS small business tax filing software is designed to simplify your tax and accounting needs, providing a one-stop solution for your business.
We offer affordable and reliable tax filing services to ensure your business is fully compliant with tax laws.
With Solocorp, you can rest assured that your business tax returns will be filed accurately, on time, and without hassle.