ITR Filing-Businessman

ITR filing for business persons is mandatory by which a business reports its income and expenditure to the IT dept. Every business, no matter what the size is, must file an income tax return every year. The income tax paid by a Salaried person is different from the income tax paid by the businessman. If a business earns profits in the business, the company must provide tax on the profits earned. Tax depends on the type of business you are holding whether it is proprietorship, partnership firm, limited liability partnership or a private limited company. Any business which has turnover lower than Rs 2 crore can be selected to be taxed assumedly by the Income Tax Department. However, all companies who are registered in India must file income tax returns each year, irrespective of their income, profit or loss, even those with no transactions.

The return filing must also consist of business assets and liabilities details. Fixed assets, debtors and business creditors, taken loans and loans which were given, all must be declared in the filing of business Income tax returns. The flat 30% tax rate is applicable for domestic companies. In cases where income is more than 1 crore, then there is an additional surcharge of 12%.

Benefits

  • ITR filing helps in applying for loans from financial institutions as this is the only proof of your income.
  • ITR filing can help in forwarding the losses caused in the current financial year to next 8 consecutive years.
  • ITR filing provides an easy go for visa process required by embassies.
  • ITR is mandatory to claim TDS for businessmen every year.

Information Required for ITR Filing

  • PAN
  • Aadhar Card
  •  All Bank Account No & IFSC
  • Form-16/Form-16A
  • Any Other Source of Income
  • Amount of Investment/Deductions
  • Bank Statement
  • Mobile No & Email Id

Documents Required for ITR Filing-Businessman

  • Mobile No and Email Address.
  • PAN of Applicant. along with any One Address Proof (Voter ID, Passport, Driving License, Aadhaar).
  • Bank Account details – Bank Statement For Respective F.Y. or Bank Passbook Copy.
  • Life Insurance- Like LIC, etc.
  • Mediclaim.
  • Tution Fees of Children.
  • Rent of Residence Address.
  • Fixed Assets Details.
  • All Loan Schedule

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