Business tax returns is a process by which any organization has to report its income and expenditure to the income tax department. Filing of business tax returns depends upon the type of business you are doing whether it is a company, sole proprietorship, partnership firm, or any LLP. All the businesses that are operating in India whether small or big have to pay tax on their profits.If you have paid more tax than needed for any financial year, you will get refund from the Income Tax Department. Sometimes, you may also see that you have underpaid taxes for the year. In such cases, you must pay the remainder of the tax, and file your IT Return. Apart from filing taxes, a business may also be required to file TDS or pay advance tax. All the companies are required to file income tax returns each year irrespective of the loss. Even dormant companies with no transactions are required to file NIL income tax return each year.
Any individual irrespective of currently living in India or not, income tax return filing is mandatory if his income exceeds Rs. 2,50,000. An ITR return is an important document that you must produce at the time of availing a home loan, as it shows your financial prosperity. If you are planning to go abroad for higher studies, or are about to take up a job outside India, you will need at least three year’s filed ITR to show as proof of income. Also for processing of your visa application may request for this financial information to evaluate your financial health, which in turn shows that you can support yourself on your own in their country. The last date for filing Income Tax Return is November 30, 2020 and our pricing is as below:
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*18% GST extra
If you are willing to fill a government tender then you will need to show your tax return receipt of the previous five years to the concerned authorities.
If you have a refund due from the Income Tax Department, you will have to file an Income tax return to claim the refund.
To avoid any kind of penalty you must need to file your Income-tax Return timely or otherwise you will be charged up to Rs. 5000 as a penalty.
Filing of ITR will help individuals in case of getting a loan from the bank because the bank may ask you ITR to check that whether you will be capable of paying back the loan or not.
You are required to fill all the details in the application form.
After filling the information, you need to submit all the required documents along with it.
The next step is to file your IT Return with the Income-tax Department.
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