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Updated on 24 Nov 2020  9.00 AM IST | 4 min read

Online Business Tax Return Filing in India

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

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 Tax Return

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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Due Dates

  • GSTR 3B for August 2020 (15 States/UT’s - Chhattisgarh, MP, Gujarat, Daman and Diu, Dadra and Nagar Haveli, Maharashtra, Karnataka, Goa, Lakshadweep, Kerala, TN, Puducherry, Andaman and Nicobar Islands, Telangana and Andhra Pradesh) Oct 1st, 2020
  • GSTR 3B for August 2020 (22 States/UT’s - Himachal Pradesh, Punjab, Uttarakhand, Haryana, Rajasthan, Uttar Pradesh, Bihar, Sikkim, Arunachal Pradesh, Nagaland, Manipur, Mizoram, Tripura, Meghalaya, Assam, West Bengal, Jharkhand, Odisha, Jammu and Kashmir, Ladakh, Chandigarh, Delhi) Oct 3rd, 2020
  • GSTR 1 for September 2020 (turnover more than INR. 1.50 Crore) Oct 11th, 2020
  • Monthly GSTR 6 for September 2020 Oct 13th, 2020
  • Monthly GSTR 7 (Summary of Tax Deducted at Source (TDS) and deposited) for September 2020 Oct 10th, 2020
  • Monthly GSTR 8 (Summary of Tax Collected at Source (TCS) and deposited by e-commerce operators) for September 2020 Oct 10th, 2020
  • CMP 08 for July to September 2020 Oct 18th, 2020
  • GSTR 5 (Non-Resident Foreign Taxpayers) Monthly Filing Due Date for September 2020 Oct 20th, 2020
  • GSTR 5A (Non-Resident OIDAR Service Provider) Monthly Filing Due Date for September 2020 Oct 20th, 2020
  • GSTR 3B for September 2020 (Annual Turnover of more than Rs 5 Cr in Previous FY) Oct 20th, 2020
  • GSTR 9 and 9C (Annual Return) FY 2018-19 Dec 31st, 2020
  • GSTR 1 (Quarterly) for July to September (Summary of outward supplies where turnover is upto Rs 1.5 crore) Oct 31st, 2020
  • Annual GSTR 4 for FY 2019-20 Oct 31st, 2020