ITR FILING (BUSINESS)

Legal Terminus can help you with Income Tax Return Filing for you or your organization, within the due date, in a hassle-free manner within a reasonable time span, and for a competitive professional fee that starts from Rs. 799/-

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    Income tax return filing is required to be filed by every individual on fulfillment of prescribed criteria(s). Further, the non-filing of Income tax returns may lead to implications (viz., fine, penalty etc.) under Income tax Act, 1961, depending on various scenarios. Certain relevant queries in connection with the same have been dealt below in the form of an FAQ:

    FAQ

    Frequently asked questions about ITR filing (business)

    Filing of Income tax Return is mandatory in any of the following situations: - Income Criteria (Prescribed by Income-tax Act, 1961)

    PersonsGross Total Income (before 80C to 80U deductions)
    (proprietor) Senior Citizen (age >= 60 years <= 80 Years)Exceeding 2,50,000/-
    (proprietor) Super Senior Citizen (age > 80 Years)Exceeding 3,00,000/-
    proprietor other than aboveExceeding 5,00,000/-
    CompaniesAny Income/ Loss/ Turnover
    Partnership FirmsAny Income/ Loss/ Turnover
    LLPsAny Income/ Loss/ Turnover
    Trusts/ AOPs/ BOIsAny Income/ Loss/ Turnover

    In addition to above, tax return is required to be filed where a refund is due or loss is required to be carried forward. While the above criteria(s) are prescribed, there are following situations wherein income tax return is required to be annexed as document Other Criteria

    • In case a loan is intended to be applied to any financial Institutions
    • In case VISA application is required to be filed

    The non-filing of an income tax return shall lead to following fine under section 234

    Filing of return onAmount of Fine If Income is up-to INR 5 LakhsAmount of Fine If Income is above INR 5 Lakhs
    After due date but before 31st Dec 2020INR 1,000/-INR 5,000/-
    After 31st Dec 2020 but before 31st Mar 2021INR 1,000/-INR 10,000/-

    Normally the due date of filing income tax return for the FY 2019-20 is

    PersonsNormal Due DateDue date due to COVID-19
    Individuals having income from Business/ Profession not entitled to Tax Audit31st July 202030th November 2020 (Applicable for FY 2019-20)
    Individuals having income from Business/ Profession entitled to Tax Audit30th September30th November 2020 (Applicable for FY 2019-20)
    Partnership Firm/ LLPs not entitled to Tax Audit31st July 202030th November 2020 (Applicable for FY 2019-20)
    Partnership Firm/ LLPs not entitled to Tax Audit30th September30th November 2020 (Applicable for FY 2019-20)
    Companies30th September30th November 2020 (Applicable for FY 2019-20)

    The government has specified various rates as follows Proprietorship Firms

     Senior CitizensVery CitizensOthers
    Age>=60 Years <=80 Years>80 Years<60 Years
    Income SlabTax RateIncome SlabTax Rate
    upto 2.5 LakhsNilNilNil
    2.5 Lakhs to 3 LakhsNilNil5%
    3 Lakhs to 5 Lakhs5%Nil5%
    5 Lakhs to 10 Lakhs20%20%20%
    5 Lakhs to 10 Lakhs20%20%20%
    10 Lakhs & Above30%30%30%
    • Education cess& Health cess shall be applicable on the amount calculated as above @ 4%
    • A Tax rebate maximum up-to Rs. 12,500/- shall be applicable for Total Income up-to Rs. 5,00,000/-

    Other than Proprietorship Firms

    PersonsTax Rate
    Partnership Firms30%
    LLPs30%
    Domestic Companies whose Turnover <= Rs. 400 Crore25%
    Domestic Companies whose Turnover > Rs. 400 Crore30%
    Domestic Companies opted for Sec 115BA25%
    Domestic Companies opted for Sec 115BAA22%
    Domestic Companies opted for Sec 115BAB15%

    In addition of above

    • cess @ 4% on tax shall also be levied
    • surcharge shall be levied as follows
    Income LimitSurcharge rate
    Net Income > 1 Crore <= 10 Crore7%
    Net Income < 10 Crore12%
    Domestic Companies opted for Sec 115BAA10%
    Domestic Companies opted for Sec 115BAB10%
    • Income Tax E-portal login id & password
    • PAN & Aadhar of the assessee
    • Digital Signature Certificate
    • Details of Income such as Form-16, Interest Income, House Property Income, etc.
    • Balance Sheet & Profit and loss Account
    • Bank Statement of the assessee

    The broad process of filing Income Tax Return involves following steps:

    • STEP 1: Provision of requisite mentioned documents/information to us
    • STEP 2: Validating the documents/ information and processing the same.
    • STEP 3: Filing of return and submission of the same in online/offline manner, as the case may be
    • STEP 4: Payment of appropriate government fee as applicable
    • STEP 5: Submission of return within due date

    The process of submission of Income Tax Return can take anywhere between 1 to 2 working days, subject to submission of correct information and complete documentation.

    Legal Terminus can help you with filing of Income Tax Return for you or your organization, within due date, in a hassle-free manner within a reasonable time span and for competitive professional fee. To know more, please book a telephonic appointment with one of our consultants free of charge.

    Choose Your Plan

    ITR filing (business) with pocket friendly-prices

    Elemental

    ₹2,499

    Enriched

    ₹4,999

    Supreme

    ₹14,999

    Terms & Conditions

    By subscribing to the above plans, you agree to abide by our following additional terms and conditions

    1) In case the above plan does not qualify your requirements, kindly contact our executive, we shall be happy to customise a plan for you

    2) The Income Tax amount payable to the govt. shall be directly paid by you