ITR Filing (Business)

Legal Terminus can help you with the filing of Income Tax Return 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 which starts from Rs. 2499/-

Starts at ₹ 3000

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FAQ

Frequently asked questions about ITR filing (business)

The income tax return is required to be filed by every business entity whether it is a proprietorship firm, partnership firm, LLP or Company on fulfillment of certain criteria, 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 with below in the form of an FAQ:

1. When it becomes mandatory to file an Income Tax Return by a business entity?

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

Persons	Gross 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 above	Exceeding 5,00,000/-
Companies	Any Income/ Loss/ Turnover
Partnership Firms	Any Income/ Loss/ Turnover
LLPs	Any Income/ Loss/ Turnover
Trusts/ AOPs/ BOIs	Any 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

2. What are the consequences of non-filing of an Income Tax Return?

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

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

3. What is the due date of filing Income Tax Returns?

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

Persons	Normal Due Date	Due date due to COVID-19
Individuals having income from Business/ Profession not entitled to Tax Audit	31st July 2020	30th November 2020 (Applicable for FY 2019-20)
Individuals having income from Business/ Profession entitled to Tax Audit	30th September	30th November 2020 (Applicable for FY 2019-20)
Partnership Firm/ LLPs not entitled to Tax Audit	31st July 2020	30th November 2020 (Applicable for FY 2019-20)
Partnership Firm/ LLPs not entitled to Tax Audit	30th September	30th November 2020 (Applicable for FY 2019-20)
Companies	30th September	30th November 2020 (Applicable for FY 2019-20)

4. What is the rate of Income tax in India?

The government has specified various rates as follows Proprietorship Firms

	Senior Citizens	Very Citizens	Others
Age	>=60 Years <=80 Years	>80 Years	<60 Years
Income Slab	Tax Rate	Income Slab	Tax Rate
upto 2.5 Lakhs	Nil	Nil	Nil
2.5 Lakhs to 3 Lakhs	Nil	Nil	5%
3 Lakhs to 5 Lakhs	5%	Nil	5%
5 Lakhs to 10 Lakhs	20%	20%	20%
5 Lakhs to 10 Lakhs	20%	20%	20%
10 Lakhs & Above	30%	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

Persons	Tax Rate
Partnership Firms	30%
LLPs	30%
Domestic Companies whose Turnover <= Rs. 400 Crore	25%
Domestic Companies whose Turnover > Rs. 400 Crore	30%
Domestic Companies opted for Sec 115BA	25%
Domestic Companies opted for Sec 115BAA	22%
Domestic Companies opted for Sec 115BAB	15%

In addition of above

cess @ 4% on tax shall also be levied
surcharge shall be levied as follows

Income Limit	Surcharge rate
Net Income > 1 Crore <= 10 Crore	7%
Net Income < 10 Crore	12%
Domestic Companies opted for Sec 115BAA	10%
Domestic Companies opted for Sec 115BAB	10%

5. What are some basic/ key documents/information required for filing Income Tax Returns?

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

6. What is the procedure to file Income Tax Returns?

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

7. What is the time period within which the Income Tax Return can be submitted?

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.

8. How Legal Terminus can help you to file Income Tax Return?

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.