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Learn more about business taxation

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The people who have to file are based on the type of business.  
For example, if you are a sole proprietor and you are tax-paid, then your income from your 
business and other money like salary, house or interest must be on the same tax form. The 
expense incurred from the same. 
If you make more than Rs.75,000 then you need to fill your taxes even if it is not profitable because you will owe money at the end. Income tax returns for businessmen or business income tax will be taken by any organisation. 
If your income before tax deductions is more than Rs. 2.5 lakh, need to file a business tax return 
for the company. The business tax return filing date will be announced by the company itself.  
This will be a presumptive taxation scheme. The deduction under the section of business tax will 
be valid here. 
The company made a profit from total income, then it will be taxed at 30%. But if the company 
made a loss, there will be no tax on them at all.  
The e filing returns forms prepared for small business will be completed by company itself. 
Company tax return or company income tax return will be completed by the organisation itself. 
If you have a business and your turnover is over 1 crores, or if you are a professional and your 
revenue is 50 lakhs or more, then every year you have to get an income tax audit done.  
To do this, find a chartered accountant who will look at your account. In business IT returns 
contains few methods. 
If there has been a loss in your business or if the amount of profit that you declared is less than 
8% (6% on digital transactions) of the turnover in case of businesses and 50% of receipts in case 
of professionals, then an income tax audit may be necessary even when the profits declared by 
you are less than 8%.And this can save upto more than 50%. 
The check up can be viewed by income tax portal. It comes under income tax filing online to 
collect tax. 
If your business makes less than Rs. 2 Crores, you can offer it to tax on a "presumptive basis."  
This means that the government will estimate how much you should be paying (based on what 
other businesses in your area are paying) and then take that amount from you.  
The Business tax preparation is calculated and referred by the business file. Form 49b also 
mentions about the business taxation process. 
For professionals, if they make less than Rs. 50 Lakhs, rather they can offer their income under 
this method too. This includes salary income too. 
Business Tax Returns

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View list of Frequently Asked Questions

If you want any of your questions to answer, mail us at support@smartaccountants.in

My company takes out taxes for me. Do I still need to file my tax return?
Yes, In income tax filing India, needs the complete structure of the tax filing. There is a difference between filing an income tax return and deducting the taxes that are taken out of my pay-check by my company. If I don't file, then I cannot prove that I paid the correct amount of taxes. This is important if I want to apply for a visa or loan at some point in the future.
Is it necessary to attach any documents along with the return of income?
No, it is not necessary to include any documents with the return of income. Forms like this are attachment-less. This means taxpayers do not need to attach any supporting documents (such as TGS certificates or investment proofs). You must keep these documents with you in case the authorities ask for them, but you do not need to include them when filing your ITR form.
Is it necessary to file a return of income when I don't have any positive income?
Yes, you must do this even if you don't have any income. If there is a loss in one year, you might want to carry it forward for adjusting your taxes with the income in the next year. You can only do that if you file your IT return on time and mention the losses that happened in one year.
If you paid too much tax, does the government will give it back to you?
You can claim a refund of your excess tax amount while filing your IT Return. This refund will go directly into a bank account that you specify on the ITR form and income tax return websites.
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