Home / Business Tax Return Filing

Updated on 27 Oct 2021  9.00 AM IST | 4 min read

Latest updates regarding the deadlines

Recent Updates on Deadlines:

On 9th September 2021, the CBDT published a circular extending the deadlines for certain direct tax compliances for the Assessment year 2021-22.

1. Extension of the due date for filing income tax returns:

  1. The deadline for filing income tax returns by taxpayers who are not subject to audit has been extended from 30th September 2021 to 31st December 2021.
  2. The deadline for filing income tax returns in tax audit cases has been extended to 15th February 2022.
  3. Income tax return filing for transfer pricing is extended till 28th February, 2022.
  4. The deadline for Income tax return filing of Belated or Revised Return for FY 20-21 has been extended from 31st December 2021 to 31st March 2022.

2. Furnishing Audit Report:

  1. The deadline for submitting the audit report has been extended to 15th January 2022.
  2. The deadline for submitting an audit report in transfer pricing cases has been extended to 31st January 2022.

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 the 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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Eligibility Consultation

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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 a business tax return will incur fines, penalties etc.

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

  1. In case you are a self-proprietor, and you furnish your business income & other personal income such as income from house property, interest income in the same return.
  2. If your total income before deduction exceeds the basic taxable limit, i.e. Rs.2.5 lakhs. You are required to mandatory file your business tax return irrespective of profit or loss in the business.
  3. Companies, firms & LLP have to mandatory 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 taxpayer has to appoint a chartered accountant to audit their accounts. It is mandatory for every taxpayer to get their income 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 you declare is less than 8% (6% in the case of digital transactions) of the business's turnover or 50% of receipts in the case of professionals.
  • If your business suffers a loss and you want to carry it forward.

Presumptive Taxation

Presumptive taxation is the process of estimating the tax based on assumptions. Individuals, firms, and HUFs engaged in business or providing services can presumptively present their income to tax.

Presumptive taxation is permitted up to Rs.2 crores for businesses and up to Rs.50 lakhs for professionals.

Under the presumptive basis for businesses, a minimum of 8% of turnover must be offered as income, whereas 50% of receipts must be disclosed in business tax returns for professionals.

Due Date For Filing Business Tax Return

For the individuals who are not subject to a tax audit, the last date for tax return filing for FY 2020-21 is 31st December 2021, after the end of the financial year. However, you can file a revised/belated return with penalties up to 31st March 2022.

For the individuals who are subject to tax audit and all other taxpayers such as company, partnership firm or LLP, the last date for tax filing is 15th January 2022.

The Penalty is imposed by the tax department if you will miss or do 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.

How Can FinacBooks Help in Business Tax Return Filing?

FinacBooks is one of the leading accounting & financial companies 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 has more than 10 years of experience in handling clients with business tax returns and providing them with the best services without any delay.


Business Tax Return Filing FAQ’S

All details of income or losses should be correctly disclosed in the business tax return.
In case a firm or a company is not liable for a tax audit, the last date of filing business tax return is 31st July, whereas it is 30th September in case a 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
If a company's tax liability is less than 18.5 per cent of book profit plus surcharge and education cess, all companies are obligated to pay a minimum alternate tax at the rate of 18.5 per cent of book profit plus surcharge and education cess.
Companies registered in India and engaged in business or profit-making activities are required to file Form ITR 6. As a result, private limited businesses, limited companies, and one person companies must file Form ITR6.
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Due Dates

  • Due date for deposit of tax deducted/collected for the month of September, 2021. However, all sum deducted/collected by an office of the government shall be paid to the credit of the Central Government on the same day where tax is paid without production of an Income-tax Challan

    Oct 07th ,2021
  • Due date for deposit of TDS for the period July 2021 to September 2021 when Assessing Officer has permitted quarterly deposit of TDS under section 192, 194A, 194D or 194H

    Oct 07th ,2021
  • GSTR-7 Summary of Tax Deducted at Source (TDS) and deposited under GST laws

    Oct 10th ,2021
  • GSTR-8 Summary of Tax Collected at Source (TCS) by e-commerce operators under GST laws

    Oct 10th ,2021
  • GSTR 1 for Sep 2021 (turnover more than INR. 1.50 Crore)

    Oct 11th ,2021
  • GSTR-6 Details of Input Tax Credit (ITC) received and distributed by an Input Service Distributor (ISD)

    Oct 13th ,2021