Annual Compliance for Proprietorship
Don’t worry about messy paper work and running to various government departments for your Business Income Tax Return Fillings.
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1. Fill Form
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2. Talk To Our Expert
Our expert will connect with you to collect information and complete all government formalities.
3. Process completed
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Learn more about Business Income Tax Return Fillings
Business Income Tax Return Fillings
ExpertPoint’s Income Tax Services offers tax related planning and compliance assistance to individuals and Business in India and USA.
We assist individual clients needing a wide range of tax services including tax planning and advice relating to Tax impacts, business interests, capital gains, etc.
Our tax practice has been meeting in many aspects of tax return preparation by keeping up the ever-changing complex tax code and look for opportunities for you to maximize your deductions and tax credits.
ExpertPoint is a Government Approved firm in Chennai, TamilNadu led by the industry’s best Chartered accountants, Company Secretaries, Corporate Lawyers who have helped many people file their income tax returns.
- Sales and Purchase invoices
- Goods and Services Tax (GST) returns filed for the financial year
- Bank statements and loan statements.
- Form 16 – Part A and Part B issued by the employer. If not available, Salary slip will be required (Optional)
- 80C and 80D Investment details such as Life Insurance, Health Insurance, Tuition Fee Receipt, Housing Loan Interest and Principal Repayment Certificate, PPF investments etc., (Optional)
- Profit and Loss statement from securities broker to determine capital gains from investment in shares. (Optional)
Eligibility – Who should file returns
- All individuals whose gross total income for the financial year exceeds the minimum threshold limit ie. Rs.2.5 Lakhs. This limit is Rs 3 lakh for senior citizens (aged above 60 but less than 80) or Rs 5 lakhs for super senior citizens (aged above 80)
- Individuals who wish to receive refund on excess tax paid or withheld taxes ie. TDS
- Individuals applying for a personal, home loan etc.
- If losses under a head of income have to be carried forward
Further the following individuals are mandated by law to file tax returns:
- The individual has deposited an aggregate amount exceeding Rs 1 crore in one or more current bank accounts with any bank; or
- The individual has incurred expenditure of an aggregate amount exceeding Rs 2 lakh for himself or any other person for travel to a foreign country; or
- The individual has incurred expenditure of an amount or aggregate of the amounts exceeding Rs 1 lakh towards consumption of electricity.
- Individuals who have any assets including financial assets located outside India
- Individual having signing authority in any account located outside India
- Loan approvals are made easier.
- Compensation for the losses can be carry-forwarded for eight subsequent years
- Mandatory proof for approving high budget loans and life insurance
- Required document for applying for VISA
- People who are self-employed won’t register with Form 16 therefore ITR becomes their only proof for their income
- Enables correct payment of tax to avoid penalties
Timelines and next steps
A proprietor or a Hindu Undivided family who has a business or a profession must file ITR-3 form and ITR-4 sugam form must be filed by a proprietor who pays tax for his income which is known as Presumptive Taxation Scheme
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