A business tax return is a statement filed by the businesses to declare their income & losses in front of tax department. It also contains details about the assets & liabilities held by the business. Items such as fixed assets, current assets, debtors, creditors, accounts receivable, accounts payable, long term debt etc. are declared.

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Who Has To File a Business Tax Return Filing

It is mandatory for all businesses to file tax returns. Failing to file business tax return will incur fines, penalties etc.

Business return should be filed within time by the following persons –

In case, you are a self-proprietor and you declare your business income & other personal income such as income from house property, interest income in the same return.

If your total income before deduction is above the basic taxable limit i.e. Rs.2.5 lakhs. You need to mandatorily file your business tax return irrespective of profit & loss in the business.

Companies, firms & LLP have to mandatorily file business tax returns even if there are no operations undertaken.

Companies, firms & LLP’s are taxed at a rate of 30%.

Income Tax Audit

Every business tax payer has to appoint chartered accountant to audit their accounts. It is mandatory for every tax payer to get their tax audit done if his or her turnover is above Rs.1 crore in case of business & Rs.50 Lakh in case of professionals.

A tax audit is needed in other cases too –

  • If the profit declared by you is less than 8% of the turnover in case of a business & 50% of receipts in case of professionals.
  • If you incur a loss in the business and you want to carry it forward.

Presumptive Taxation

Presumptive taxation means estimating the tax on the basis of assumptions. Individuals, firms & HUF’s running businesses or providing services can offer their income to tax on presumptive basis.

Presumptive taxation is allowed up to Rs.2 crores in case of businesses whereas in case of professionals, it is up to Rs.50 Lakhs.

Under presumptive basis for businesses, minimum 8% of the turnover has to be offered as income whereas 50% of receipts have to be declared in business tax return in case of professionals.

Due Date For Filing Returns

For the individuals not liable for tax audit, the last date for filing tax return is 31st July after the end of the financial year. For ex- For FY 2018-19, the last date for filing tax return is 31st July 2019. However, you can file return with penalties up to 31st March 2020.
For the individuals liable to tax audit, the last date for filing the tax return is 30th September. For ex – For FY 2017-18, the last date for filing tax return was 30th September 2018 but later it was extended to 31st October 2018.

However, there is no extension in the date for payment of taxes. If you will not pay the tax amount before 30th September, you need to pay interest under section 234A.
Penalty is imposed by the tax department if you will miss or not file the tax returns before the deadline. If you file the tax returns after the due date, you cannot carry forward any loss incurred during the year. In addition to it, you will also face a fine of Rs.5000 under section 271F.

Business Tax Return Filing FAQ’S

All details of income or losses should be correctly disclosed in business tax return.
In case a firm or a company is not liable for tax audit, the last of filing business tax return is 31st July whereas it is 30th September in case tax audit is applicable.
Presumptive tax is a method where the tax liability is calculated on the basis of assumptions.
Missing or not filing tax returns will lead to -
  • You Cannot carry forward any loss incurred during the year
  • You will be charged with a penalty of Rs.5000
Finacbooks is one of the leading accounting & financial company in India. Our team not only guides you but also helps you in submitting your business tax returns online without any delay. We always take care of the deadline and submit the correct client information to the tax authorities as soon as possible. Finacbooks team is having more than 10 years of experience in handling clients with business tax returns and providing them the best services without any delay.
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