Business Income Tax Return (ITR) Filing Online
A business tax return refers to an income tax return for businesses. A business income tax return is a comprehensive report that outlines a business's income, expenses, and pertinent tax details, all presented in a designated form. It entails the submission of income tax returns for businesses, with the added requirement of reporting Tax Deducted at Source (TDS). This process must be carried out annually.
Who should file a Business Income Tax Return?
Sole Proprietors: Must include business income with personal income if above the basic taxable limit of Rs. 2.5 lakh.
Individuals:Individuals: Need to file if total income before deductions exceeds Rs. 2.5 lakh, regardless of profit or loss in business.
Companies, Firms, LLPs: Must file a business tax return every year, irrespective of profit or loss.
Types of Business Income Tax Return Filing
Partnership Firm Tax Return Filing
- Any individual with business income is said to be operating a proprietorship firm.
- Proprietorships operating in India are required to file income tax returns each year.
- proprietorships are considered the same as proprietors, a proprietorship's income tax return filing procedure
Proprietorship Tax Return Filing
- Fastest Refund Process.
- Free D-mat Account Opening
- Claim Your Eligible Tax Deductions.
Limited Liability Partnership Tax Return Filing
- Total Elimination Of Clerical Error / Error - Free Return
- Tax Robo Recommends/Suggests Tax Savings Plan & Products To Clients
Company Tax Return Filing
- Total Elimination Of Clerical Error / Error - Free Return
- Tax Robo Recommends/Suggests Tax Savings Plan & Products To Clients
How to calculate Taxable amount in Business Income?
Tax computation for an income earned via Business is done by calculating all expenses made on the Business such as rent, electricity, paying salary to employees, cost of raw materials, and other costs incurred.
This figure should be subtracted from the total earnings in a particular period including losses, if any incurred during that period.
The figure finally received is the net profit or earning for that particular period of time, say for example 1 month.
Business Income Tax Slab for AY 2024-25
Profit and Gain from profession is Taxable at the same rates as other Income. It is levied at the following rates for financial year 2019-2020, depending on the category of person
| For Income up to Rs. 2,50,000 | Nil |
| For Income between Rs. 2,50,000 and Rs. 5,00,000 | 5% of the amount in excess of Rs. 2,50,000 |
| For Income between Rs. 5,00,000 and Rs. 10,00,000 | 20% of the amount in excess of Rs. 5,00,000 |
| For Income above Rs. 10,00,000 | 30% of the amount in excess of Rs. 10,00,000 |
Income Tax Slab Rate for New Tax Regime
| For Income up to Rs. 3,00,000 | Nil |
| For Income between Rs. 3,00,000 and Rs. 6,00,000 | 5% of the amount in excess of Rs. 3,00,000 |
| For Income between Rs. 6,00,000 and Rs. 9,00,000 | 10% of the amount in excess of Rs. 6,00,000 |
| For Income between Rs. 9,00,000 and Rs. 12,00,000 | 15% of the amount in excess of Rs. 9,00,000 |
| For Income between Rs. 12,00,000 and Rs. 15,00,000 | 20 % of the amount in excess of Rs. 12,00,000 |
| For Income above Rs. 15,00,000 | 30% of the amount in excess of Rs. 15,00,000 |
In the Case of Senior Citizens whose age is between 60 years and 80 years (Old)
| For Income up to Rs. 3,00,000 | Nil |
| For Income between Rs. 3,00,000 and Rs. 5,00,000 | 5% of the amount in excess of 3,00,000 |
| For Income between Rs. 5,00,000 and Rs. 10,00,000 | 20% of the amount in excess of Rs. 5,00,000 |
| For Income above Rs. 10,00,000 | 30% of the amount in excess of Rs. 10,00,000 |
In the case of Super Senior Citizens whose age is 80 years or above (old)
| For Income up to Rs. 5,00,000 | Nil |
| For Income between Rs. 5,00,000 and Rs. 10,00,000 | 20% of the amount in excess of Rs. 5,00,000 |
| For Income above Rs. 10,00,000 | 30% of the amount in excess of Rs. 10,00,000 |