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Business Tax Return

Business Tax Return Filing

An business tax return filing is used to file income tax with the income tax department. Any individual whose annual income increase from the limit prescribed by the government is required to file an income tax return within Predetermined due dates.

Tax can be categorized as direct and indirect tax. Direct tax means tax which is directly paid to the government. Indirect tax means tax which is collected by any other person and paid to government. Indirect tax burden can be transferred to another person, the further indirect tax burden can not be transferred to any other person.

Tax calculated on individual annual income as per the provision of income tax act shall be paid on before the business tax return filing, if not paid by individual then he/she liable to make payment of penalties.

However, An individual who is a resident in India and whose total income does not exceed Rs. 3,50,000 is entitled to claim rebate under section 87A. Rebate under section 87A is available in the form of a deduction from the tax liability. Rebate under section 87A will be lower of 100% of income-tax liability or Rs. 2,500.

business tax return filing

Business tax return filing is calculated at specified rates on total income and paid directly to the central government. The provisions regarding income tax governed by the Income Tax Act, 1961.

Any individual whose annual income is below from the taxable annual income then it is voluntary to file an income tax return which provides details of salary, wages, commission, business or income from other sources. In case of Assessee wants the refund of Income-tax TDS deducted by TDS deductor than he must to file ITR even his income is below the taxable limit.

The due date for filing income tax return for FY 2018-19 (AY 2019-20) is 31st July 2019 for individuals or 30th September 2019 for businesses.

Taxpayers and Income Tax Slabs

Taxpayers in India, for the purpose of income tax includes:

  • Individuals,
  • Hindu Undivided Family (HUF),
  • Association of Persons(AOP) and Body of Individuals (BOI)
  • Firms
  • Companies

Firms have a fixed rate of tax of 30% of profits, and Indian companies have a fixed rate of tax of 25% of profits, HUF, AOP and BOI taxpayers are taxed based on the income slab they fall under. And each tax slab has a different tax rate. In India, we have four tax brackets each with an increased tax rate.

  • Income earners of up to 2.5 lakhs
  • Income earners of between 2.5 lakhs and 5 lakhs
  • Income earners of between 5 lakhs and 10 lakhs
  • Those earning more than Rs 10 lakhs
Income Range Tax rate Tax to be paid
Up to Rs.2,50,000 0 No tax
Between Rs 2.5 lakhs and Rs 5 lakhs 5% 5% of your taxable income
Between Rs 5 lakhs and Rs 10 lakhs 20% Rs 12,500+ 20% of income above Rs 5 lakhs
Above 10 lakhs 30% Rs 1,12,500+ 30% of income above Rs 10 lakhs
Private Limited Company
Basic Features to Read before starting private limited company

A private company is required to add the word “Private Limited” or “Pvt. Ltd.” to the end of its name. A private company should have at least two members and two directors. The private company has the right to issue debentures to any number of persons.

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Public Limited Company
Features of Public Limited Company

MCA provides the facility for the incorporation of the public limited companies. For incorporation, firstly apply for name through RUN (Reserve Unique Name) on the MCA portal. After the availability of name from ROC we should file incorporation form i.e. Spice 32, INC 33(for eMOA), INC 34(for eAOA), .

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