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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 –
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
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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