Business Income Tax Return
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Table of Content
- Business Income Tax Return – Overview
- What is a business tax return?
- Eligibility for Business Income Tax Return
Income Tax Return for NRI
What is a business tax return?
Eligibility for Business Income Tax Return:
- Individuals – Sole proprietors earning income through a business or profession.
- Partnership Firms – Including Limited Liability Partnerships (LLPs).
- Companies – Both Private Limited and Public Limited companies.
- Trusts, Associations, and Societies – Engaged in business activities.
- Professionals – Such as doctors, lawyers, architects, and consultants who are self-employed.
Criteria:
- Annual Turnover: If your turnover exceeds the basic exemption limit (as defined for individuals, firms, or companies), you must file a return.
- Audit Requirement: Businesses with a turnover above ₹1 crore (₹10 crores if 95%+ transactions are digital) are required to get their accounts audited under Section 44AB.
- Presumptive Taxation: Businesses opting for presumptive taxation under Section 44AD, 44ADA, or 44AE must also file returns accordingly.
- Losses: Filing is mandatory to carry forward business losses to future years.
- Tax Deducted at Source (TDS): If any TDS has been deducted on your income, filing a return helps claim refunds.
FAQs for Income Tax Return for NRI
• ITR-3: For individuals and HUFs with income from business/profession.
• ITR-4: For presumptive income under Sections 44AD, 44ADA, or 44AE.
• ITR-5: For partnership firms and LLPs.
• ITR-6: For companies (except those claiming exemption under Section 11).
• ITR-7: For charitable trusts and institutions claiming exemption.
• 31st July 2025: For non-audited businesses.
• 31st October 2025: For audited businesses and companies.
• 30th November 2025: For businesses requiring Form 3CEB (transfer pricing).
BookMyCompliance offers expert tax support and easy-to-use software (LEDGERS) for small businesses. We help with accurate filing, compliance checks, audit support, and meeting deadlines.
Form 26AS is a consolidated annual tax statement issued by the Income Tax Department. It shows all the taxes deducted at source (TDS), advance tax paid, and self-assessment taxes. It is essential to cross-check this while filing your return to avoid mismatches.
Yes. TDS only indicates that tax has been deducted on certain income. You must still file an ITR to report your total income and claim refunds if TDS exceeds your actual tax liability.
