All businesses operating in India are required to file income tax return each year. In addition to filing income tax return, a business may also be required to file TDS return and pay advance tax to stay compliant under the Income Tax Act. IndiaFilings is India’s largest tax services platform offering a range of services like incorporation, GST return filing, income tax filing and more. IndiaFilings can help file income tax return for your business and ensure it remains compliant under the Income Tax Act and Rules. The average time taken to file an income tax return for your business is 3 to 5 working days. Get a free consultation on business tax return filing by scheduling an appointment with an IndiaFilings Advisor.
Any person having business or professional income of more than Rs.2.5 lakhs per year would be required to file income tax return each year. IndiaFilings offers income tax filing for professionals and proprietors from Rs.5899.
Partnership firms (registered or unregistered) are required to file income tax return in form ITR 5 each year. Partnership firms attract income tax at the rate of 30%. IndiaFilings offers income tax filing for partnership firms from Rs.9899.
Limited Liability Partnership firms registered in India are required to file Income Tax Return in Form ITR-5 each year and MCA Annual Return. IndiaFilings offers comprehensive compliance management for LLPs starting from Rs.7899.
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Income tax return filing for a Proprietorship firm with less than Rs.10 lakh turnover.
Income tax return filing for a Partnership firm and LLP with less than Rs.10 lakh turnover.
Income tax return filing for a LLP with less than Rs.10 lakh turnover.
Income tax return filing for a private limited company with less than Rs.25 lakh turnover.
Any individual who has business income is said to be operating a proprietorship firm. Proprietorships operating in India are required to file income tax return each year. Since proprietorships are considered to be one and same as the proprietor, the income tax return filing procedure for a proprietorship is similar to individual income tax return filing.
The income tax rate for proprietorship is the same as the income tax rate for individuals. Unlike the income tax rate for LLP or Company which are flat rates, proprietorships are taxed on slab rates. The following is the income tax rate applicable for proprietorships for assessment year 2019-20, wherein the age of the proprietor is less than 60.
|Taxable Amount||Tax Rate|
|Rs. 0 - Rs. 2,50,000||0%|
|Rs. 2,50,001 to Rs. 5,00,000||5%|
|Rs. 5,00,001 - Rs.10,00,000||20%|
|Above Rs. 10,00,000||30%|
All partnership firm are required file the income tax return, irrespective of amount of income or loss. Partnership firms are taxed as a separate legal entity under the Income Tax Act. Hence, the income tax rate applicable for partnership firms is similar to LLPs and Companies registered in India.
All LLPs are required file the income tax return, irrespective of amount of income or loss. LLPs are a separate legal entity and are taxed separately from the Partners of the LLP. The income tax rate applicable for LLPs is similar companies registered in India.
All companies registered in India are required to file income tax returns each year. Under the Income Tax Act, company tax return filing falls under two categories, namely domestic company or foreign company. Companies registered with the Ministry of Corporate Affairs like Private Limited Company, One Person Company or Limited Company are classified as a domestic company.
Last updated: Apr 07, 2021