Business Income Tax Return (ITR) Filing Online
- Tailored filing for proprietorships (ITR‑3/4), partnerships & LLPs (ITR‑5), and companies (ITR‑6).
- End‑to‑end guidance on mandatory tax audits, Form 3CEB filings, and audit report integrations.
- Analysis and recommendation between old vs. new tax regimes to optimize your post‑tax income.
- Avoid late‑filing fees and interest; if delayed, we handle revised/belated/updated returns seamlessly.
- End‑of‑year matching of TDS/TCS, Form 26AS cross‑checks, and refund claims
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Overview
Filing business income tax returns is a mandatory compliance requirement for all registered businesses in India. Whether you're a sole proprietor, a partnership firm, an LLP, or a private limited company, filing accurate and timely ITR is crucial for legal compliance, financial transparency, and growth. At CA Vakeel, we simplify the business tax filing process with expert guidance and tech-enabled tools to ensure timely filing, maximum tax benefits, and complete compliance, tailored for small businesses, startups, and enterprises alike.
What is a Business Tax Return?
A Business Income Tax Return (ITR) is a statement filed annually with the Income Tax Department reporting the entity’s income, expenses, deductions, and tax liabilities. It includes details of:
- Revenue and operational income
- Expenses and deductions
- Fixed assets and liabilities
- Loans, creditors, and debtors
- TDS/TCS and other statutory dues
Who Should File Business ITR?
| Entity Type | Filing Requirement |
|---|---|
| Sole Proprietorship | Mandatory if income exceeds basic exemption limit based on age |
| Partnership Firm | Mandatory, irrespective of income or loss |
| LLP | Mandatory for all LLPs, including NIL returns |
| Private Limited Company | Mandatory for all companies, even dormant or newly registered |
Types of Business ITR Forms
| Form | Applicable For |
|---|---|
| ITR-3 | Proprietors running business or profession |
| ITR-4 (Sugam) | Proprietors under presumptive taxation scheme |
| ITR-5 | Partnership Firms and LLPs |
| ITR-6 | Companies (Private Limited, One Person Companies, etc.) |
Income Tax Rates for Businesses (AY 2024-25)
Proprietorship (Slab-based)
| Net Income (Below 60 yrs) | Tax Rate |
|---|---|
| Up to ₹2.5 lakh | Nil |
| ₹2.5 lakh – ₹5 lakh | 5% |
| ₹5 lakh – ₹10 lakh | 20% |
| Above ₹10 lakh | 30% |
Senior citizens (60–80 yrs) exemption up to ₹3 lakh; Super senior citizens (80+ yrs) up to ₹5 lakh.
Partnership Firms & LLPs
- Flat 30% of total income
- 12% surcharge if income exceeds ₹1 crore
- 4% Health & Education Cess
- Minimum Alternate Tax (MAT): 18.5% on adjusted total income
Companies
| Company Type | Tax Rate |
|---|---|
| Turnover < ₹400 Cr (FY 2020-21) | 25% |
| Turnover > ₹400 Cr | 30% |
| Surcharge & cess applicable as per law | ✔ |
| Minimum Alternate Tax (MAT) | 15% |
Due Dates for Business ITR Filing
| Entity Type | Due Date (FY 2024–25) |
|---|---|
| No Audit Required | July 31, 2025 |
| Audit Required | September 30, 2025 |
| Transfer Pricing/International Transactions | November 30, 2025 |
Documents Required for Business ITR Filing
- PAN & Aadhaar of business/promoter
- Bank statements
- Income and expense records
- GST returns (if applicable)
- TDS certificates (Form 16A/26AS)
- Balance Sheet & P&L statement
- Depreciation schedule
- Previous year’s ITR
Benefits of Filing Business ITR
| Advantage | Description |
|---|---|
| Loan & Credit Approval | Proof of income for banks & NBFCs |
| Claim Tax Refunds | Get back excess TDS paid |
| Loss Carry Forward | Carry forward business losses for 8 years |
| Legal Compliance | Avoid penalties and notices from tax authorities |
| Credibility & Transparency | Build trust among partners, investors, and stakeholders |
Tax Audit Requirements
| Business Type | Audit Threshold |
|---|---|
| Proprietorship (Business) | Turnover > ₹1 crore |
| Proprietorship (Profession) | Gross Receipts > ₹50 lakh |
| Partnership/LLP | Same as above |
| Company | Audit mandatory irrespective of turnover |
Penalties for Late Filing
- ₹5,000 for income above ₹5 lakh
- ₹1,000 for income below ₹5 lakh
- Additional interest @1% per month (u/s 234A) for unpaid tax
Why Choose CA Vakeel for Business ITR Filing?
- End-to-end filing for all business types
- Dedicated CA-assisted tax planning
- Compliance with the latest ITR norms
- Support for audits, TDS, GST & more
- Track status & get refund assistance
Get Started Today!
Avoid last-minute stress and ensure 100% compliance with expert-led filing. Call Us: +91 98765 43210 Email Us: contact@yourlegalfirm.com