Income Tax filing

30/07/2019 Business Opportunities, Franchise

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Any individual who is doing any business, trading or providing any services such as consulting, training, website developments and have a taxable income above basic threshold limit i.e. Rs 2.5 lakhs mandatorily need to file income tax return online on income-tax department’s portal annually before 31st July each year. Even in case a proprietor has incurred losses he needs to file an income tax return to carry forward the losses in next year so that he can set-off next year. Income tax filing is also a mandatory requirement for any kind of business loan. Further, there is no need to file income tax return if the net profit along with all other income such as salary, income from house property, profit & loss from business/profession, capital gain and income from other sources is below taxable limit, however if you are doing business as a firm, LLP, or company then income tax return need to be filed online even there is no business in the previous year. online ITR has filed annually where the year in which income is earned is called a previous year or financial year and the year in which income tax return is filed is called assessment year. For business running as proprietorship ITR Form, 3 is used while for partnership and LLP ITR Form 5 is used, While for Companies ITR Form 6 is used. In case of business has a turnover above 2 Cr (50 Lakh if you are in the service sector) then tax audit is required. The due date for filing income tax return online is 31st July of the assessment year (which is next year of the financial year) if the business is not liable for tax audit and 31st September if the business is liable for audit.

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