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Business Tax Filing

 

We’re to help File your Business Tax returns

Free Consultation

 

Proper books of accounts form a base for reporting the right information during Business tax filing. Get expert prepare your financial statements and file return using FirstFiling platform.


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    About Business Tax Filing

    Reporting business income during return filing is critical to avoid any tax non-compliance. At end of year businesses struggle to get their accounts in order. This premium ITR filing plan is designed to provide you professional help in preparing financial statements and filing business ITR.

    Further, our experts will assist you with payment of advance taxes and guide you on critical business finance planning to help maximise tax saving.

    Procedure for Business Tax Filing

    FirstFiling can help you through the entire process of Business Tax Filing!

    Our team of professionals can get the process done in a day!

    Pricing

    (All inclusive)

    Frequently Asked Questions

    In case tax audit is applicable the due date is 30th September otherwise it is 31st July.

    The assessment of income of an year can be made only after year has passed, advance tax is pre payment of your tax liability in the year it is earned. If the tax liability is more than Rs 10,000 in a financial year then advance tax needs to be paid by assessee. The due dates are

    • 15th June(15%)
    • 15th September(45%)
    • 15th December (75%)
    • 15th March (100%)

    Under this plan ClearTax experts will help you access your advance tax liability and assist you in its timely payment.

    Yes, return can be revised within a period of one year from the end of the relevant assessment year or before completion of the assessment whichever is earlier. Filing of revised return is not part of the plan. Plan buyer is required to provide full and accurate details to avoid the need for any rectification in the originally filed return.

    Yes, under the Income Tax Act legal proceedings can be initiated up to 4 to 6 years (depending upon case to Expert’se) prior to the current financial year. However, in certain Expert’ses the proceedings can be initiated even after 6 years, hence, it is advised to preserve the copy of return for at least 6 years or maintain it as long as possible.

    Prior to return filing, a summary consolidating all financial transactions is prepared. Day to day bookkeeping and audit does not form part of the plan.

    Only proprietors, Hindu Undivided Families(HUFs) and general partnership firms can opt for the scheme

    The benefits include:

    • No requirement to maintain books of accounts
    • No requirement to get accounts audited
    • No need to assess advance tax, advance tax is paid by 15th March of the previous year. Note:Any amount paid by way of advance tax on or before 31st day of March is also treated as advance tax paid during the financial year ending on that day. Note: The scheme applies only to resident assessee who is an individual, HUF, partnership but not limited liability partnership

    If you declare income less than 8% of turnover and your income exceeds Rs. 2,50,000 (Individual Tax Slab), then you are required to maintain the books of account as per the provisions of section 44AA and has to get accounts audited as per section 44AB.

    If your case falls under above category, you should opt for our Business ITR(Regular) plan.

    There are certains businesses which are explicitly not allowed to claim the benefits under the scheme. They include:

    • Any business involved in the renting, hire or plying of goods carriages
    • Any business related to agencies
    • Individuals who receive commission or income related to brokerage
    • Any individual who is involved in any profession mentioned under section 44AA(1)
    • Insurance agents, since any income they receive is via commission

    Yes, return can be revised within a period of one year from the end of the relevant assessment year or before completion of the assessment whichever is earlier. Filing of revised return is not part of the plan. Plan buyer is required to provide full and accurate details to avoid the need for any rectification in the originally filed return.

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