Business Firm ITR Filing
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 the business, loans were taken, and loans were given are declared here. For 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.
Every taxpayer whose turnover is above Rs. 1 Crore in case of businesses and Rs. 50 Lakh in the 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 are less than 8% (6% on Digital transactions) of the turnover in case of business and 50% of receipts in case of professionals.
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