Call : +91 8341000081      eMail : cvbaytaxsolutions@yahoo.com    Whatsapp No : +91 8341000081  



         BUSINESS TAX RETURN FILING

BUSINESS TAX RETURN


WHAT IS BUSINESS TAX RETURN?


A business tax return is basically an income tax return. The return is a statement of income and expenditure of the business. Also, any tax to be paid on the profits made by you is declared in this return. The return also contains details of the assets and liabilities held by the business. Items like fixed assets, debtors and creditors of business, loans taken and loans were given are declared here.
Who has to file a business tax return?



Filing of return mainly depends on the type of business structure. For example:

internet website designersIf you are a sole proprietor your business income and your other personal income like salary, income from house property and interest income have to be stated on the same return.

internet website designersIf your total income before deductions is above the basic taxable limit you need to compulsorily file your income tax return irrespective of profit or loss in your business.

internet website designersThe basic taxable limit is Rs. 2.5 lakh. So, if your income before deductions is above Rs 2.5 lakh you need to file your business tax return.

internet website designersFor companies, firms and Limited Liability Partnership (LLP) a business tax return has to be filed irrespective of profit or loss. Even if there are no operations undertaken, a return has to be filed.

internet website designersCompanies, firms, and LLPs are taxed at a rate of 30%.

Income Tax Audit



Every taxpayer whose turnover is above Rs. 1 Crore in case of businesses and Rs. 50 Lakh in case of professionals is required to get a tax audit done. The taxpayer has to appoint a Chartered Accountant to audit their accounts.

Also, a tax audit is required if there has been a loss of your business and you want to carry forward the loss. A tax audit is necessary even when the profits declared by you is less than 8% (6% on Digital transactions) of the turnover in case of business and 50% of receipts in case of professionals.
Presumptive Taxation



Individuals, HUF, and Firms running businesses or providing services can offer their income to tax on a presumptive basis. Turnover up to which presumptive taxation is allowed for businesses is Rs. 2 Crore and for professionals is Rs. 50 Lakh.

Minimum of 8% of the turnover has to be offered as income under presumptive basis for businesses. For professionals, 50% of professional receipts have to be declared on the business tax return.


If you require any of our services, then Please send email to us at : cvbaytaxsolutions@yahoo.com, or Call us (India) : +91 8341-00-0081


                    

                        SERVICES










Call us at : Tel (India): +91 8341000081
or Email us : cvbaytaxsolutions@yahoo.com, cvbaytaxsolutions@gmail.com