Business Tax Filing

Business tax filing refers to the process of submitting a business’s tax returns to the tax authorities, reporting its income, expenses, and taxes owed. This filing is a crucial part of maintaining compliance with tax laws and regulations. Businesses, whether sole proprietorships, partnerships, LLCs, or corporations, are required to file taxes based on their income and expenditures. Accurate tax filing ensures that businesses meet their tax obligations, avoid penalties, and take advantage of available deductions or credits to minimize tax liabilities.

Documents Required

Company and Tax Information

PAN Card of the Business/Company

Certificate of Incorporation

GST Registration Certificate (if applicable)

TAN (Tax Deduction and Collection Account Number)

Bank Account Statements

Financial Statements

Profit and Loss Statement

Balance Sheet

Trial Balance

Cash Flow Statement (if applicable)

Tax and Deduction Documents

TDS Certificates (Form 16A, Form 16B, etc.)

Tax Payment Challans (if applicable)

Form 26AS (Tax Credit Statement)

Advance Tax Payment Receipts (if applicable)

Process Timeline

Prepare Financial Records

Gather all financial records, including income statements, balance sheets, receipts, invoices, and other documents related to the business’s income and expenses.

Choose the Right Tax Form

Depending on your business structure (sole proprietorship, partnership, corporation, etc.), select the appropriate tax return form, such as ITR-3 for sole proprietors, ITR-5 for partnerships, or ITR-6 for companies.

Calculate Taxable Income

Determine the business’s taxable income by subtracting allowable expenses, deductions, and exemptions from the total income earned during the financial year.

Prepare Tax Deductions and Credits

Identify eligible tax deductions and credits, such as expenses for business operations, employee wages, depreciation on assets, and any special tax incentives your business qualifies for.

File the Tax Return

Submit the completed tax return to the tax authorities, either through online e-filing systems or by physical submission, based on the regulations of your country.

Pay Taxes Due

If the business owes taxes, make the payment before the due date through online or offline methods to avoid penalties.

Maintain Records

After filing, keep a copy of the tax return, proof of tax payment, and other supporting documents for future reference and possible audits.

Find the Perfect Fit for Your Budget

Choose from our range of flexible pricing options that cater to your specific needs.

₹7,999

Basic Plan

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Income Tax Return (ITR) Filing for small businesses (Proprietorships and LLPs).

Eligibility Check for the most suitable ITR form (ITR-3, ITR-5, etc.).

Comprehensive filing of business income, expenses, and taxes.

Review of business expenses and allowable deductions (e.g., depreciation, business-related expenses).

GST Filing Support for businesses with GST registration (if applicable).

Email support for post-filing queries.

Turnaround Time: 5-7 working days.

₹14,999

Standard Plan

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Income Tax Return (ITR) Filing for medium-sized businesses (Private Limited Companies, LLPs, and partnerships).

Detailed review of financial statements including Profit & Loss, Balance Sheet, and cash flow.

Calculation of business tax liability, including advance tax and TDS adjustments.

Identification of tax-saving opportunities like depreciation, tax credits, and other allowable deductions.

Support for GST-related filings and reconciliation (if applicable).

Tax planning consultation to minimize tax liability for the business.

Phone and email support for follow-up or clarification on filing requirements.

Turnaround Time: 7-10 working days.

₹24,999

Pro Plan

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Comprehensive Income Tax Filing for large businesses (Private Limited Companies, LLPs, and other complex entities).

Detailed review of financial statements including P&L, Balance Sheet, Cash Flow, and consolidated financial statements (if applicable).

Advanced tax planning including capital gains, income splitting, and international taxation (if applicable).

Audit Support for businesses that require tax audits.

Filing of Corporate Tax Returns and ensuring compliance with Section 44AB (Tax Audit).

Handling of GST Compliance, including GST reconciliation, GST filing, and GST credit management.

Advanced tax-saving strategies for investment planning, R&D credits, etc.

Comprehensive post-filing support with audit assistance and handling any notices from tax authorities.

Dedicated phone support and priority email support for ongoing tax-related queries.

Turnaround Time: 7-10 working days.

Frequently Asked Questions

Find answers to commonly asked questions about our products and services.

What is business tax filing?

Business tax filing is the process of submitting a tax return to the government, reporting your business’s income, expenses, deductions, and the taxes owed or refunded.

What documents are required for business tax filing?

Essential documents include financial statements (balance sheet, income statement), proof of business expenses, invoices, receipts, payroll records, and tax-related documents like Form 16 or 26AS.

Which tax forms should a business file?

The tax form depends on the business structure: sole proprietors use ITR-3, partnerships use ITR-5, and companies use ITR-6 in India. Each country may have different forms for each business type.

Can a business file taxes late?

Yes, businesses can file taxes late, but they may incur penalties or interest charges for delayed filing. It’s important to file as early as possible to avoid extra costs.

How do I calculate taxable income for my business?

Taxable income is calculated by subtracting allowable business expenses (like rent, salaries, utilities, etc.) from your total income (sales revenue, investments, etc.).

What deductions can my business claim?

Common deductions include business-related expenses like salaries, office rent, equipment depreciation, interest on loans, and business travel expenses.

Can I file business taxes online?

Yes, businesses can file taxes online through the government’s e-filing portal, making the process faster and more efficient.

What happens if I make a mistake on my business tax return?

If an error is made, you can file a revised return within a prescribed time. However, mistakes may result in penalties, so it’s crucial to ensure the return is accurate before submitting.