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Learn more about business taxation
You can always contact us to learn more about tax-related queries
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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