Business ITR Filing

How The Expert works.

1.Information Collection

Our agents will set up a seamless process for data collection

2. Return Prepration

3.Return Filing

Your return will be prepared as required.

Before you know it, your return will be ready for filing.

What is Business ITR Filing Overview

A business tax return is basically an income tax return. The return is a statement of income and expenditure of the business. Also, any tax to be paid on the profits made by you is declared in this return. The return also contains details of the assets and liabilities held by the business. Items like fixed assets, debtors and creditors of business, loans taken and loans were given are declared here.

Process for Business ITR Filing

You can file your Business Income Returns online, either on the income tax department's website or with us on the-expert.co.in

Income Tax filing or e-filling is made easy on the-expert.co.in. You can e-file your returns within just 7 minutes!

Documents Required For Business ITR Filing

1. PAN Card copy for individual / business or related information

2. Aadhaar Number

3. Full Address or Aadhaar Copy

4. e-mail ID & Mobile Number

5. Bank Account Number & IFSC Code

6. Bank Statement

7. Business or Profession Details

8. Business Expenses, Business Loan, and Books of Accounts (if available)

9. Investments, Sales and Purchase Details

10. Any other incomes, Investments or Savings details

11. Form 26AS or Income Tax Login Credentials

12. Process of Business Income Return filing

FAQs On Business ITR Filing

What is the due date for filing Income Tax Return for individuals with business?

The due date for filing Income Tax Return without audit is July 31st every year (with few exceptions, where for AY 2020-21 it is Jul 31st, 2020 Nov 30th 2020 due to COVID-19 pandemic.). If Audit is required, then the due date is 30th September (subject to changes as per the latest circulars).

What is draft computation sheet?

It is nothing, but your income tax computation sheet prepared by the expert. In other words it is summary of your income tax computation details.

Who is liable for tax Audit

Every Business whose turnover is more than Rs 1 crore / Rs 50 Lakhs in specified business is required to get Tax Audit.

How to give confirmation to draft sent by the expert?

After receiving draft from The expert through mail, you can revert to that mail with your opinion to proceed further.

How can I send documents?

You can send the soft copies of the required documents to the-expert.co.in. or upload the documents on the expert Website.

What is ITR-v acknowledgement?

TR-V stands for 'Income Tax Return Verification' Form. You will receive ITR-V when you file your Income Tax return online.

I'm a professional such as C.A, Doctor, Lawyer, web designer ETC Earning more the income tax slab. which Return should I file?

There are basically two types of return which is to be filed by a professional, either ITR 4 if he chooses for the Maintenace and audit of accounts else ITR 4S if he do not choose the same. So, if you are maintaining your books of accounts and getting your accounts audited then you need to file ITR4 else you have to file ITR 4S using presumptive source of income.

When am I Required to get My accounts audited?

You are reuired to get your accounts audited if your turnover or gross receipts exceeds Rs. 2 Cr.(in case of Business) and Rs. 50 lakhs(in case of profession).

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