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The purpose of Business Tax Filing is to ensure that your company remains compliant with tax regulations while avoiding penalties and legal complications. It provides a structured way to report income, claim deductions, and manage liabilities.
A well-planned business tax filing strategy not only ensures compliance but also optimizes tax savings, enhances financial credibility, and supports sustainable growth. By leveraging expert guidance, businesses can transform.
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Discover everything you need to know about Business Tax Filing
Business Income Tax Return (ITR) Filing Online
Setting up a business and understanding the complexities of filing returns is essential to running a business. A business tax filing is an income tax return filing applicable to companies. It serves as a comprehensive record of the business’s earnings and expenses.
Business Income Tax return filings in India just got more straightforward with IndiaFilings. We are here to help businesses easily file their tax returns and offer LEDGERS small business tax filing software. Our expert team makes the process less stressful, so you don’t miss business tax return filing deadlines or break any rules. It doesn’t matter if your business is starting or already big – we are here to help.
Ready to simplify your business taxes? Reach out to us today and discover smoother and stress-free Business Tax return Filings!
What is a business tax return?
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.
This return serves as a financial statement detailing earnings. It outlays and is a documentation of additional financial components like fixed assets, loans obtained, loans extended, debtors, and creditors within the business. It is important to meet the income tax return filing last date for business.
Income Tax Return Filing in India
Both Indian citizens and companies are required to file income tax returns if their Gross Total Income (GTI) exceeds Rs. 3 lakhs (amounts below three lakhs are exempted). These ITR for business income must be submitted annually within the specified business tax return filing deadline. Various business income ITR forms are available, tailored to different criteria applicable to multiple groups of individuals and businesses. It is essential to identify the appropriate arrangements and submit them to the Income Tax Department of India for processing before income tax return filing last date for business. Ensure to follow the right process on how to file taxes for small business owners.
Filing ITR for business income offers several advantages, some of which are outlined below:
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Refund Claims: Accurate and timely business tax return filing can lead to potential refunds, which can be beneficial for improving cash flow within the business. -
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Carry-forward of Losses: Losses incurred in one financial year can be carried forward and adjusted against future profits, reducing tax liabilities. -
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Loan Applications: Having proper and up-to-date income tax returns can serve as evidence of financial stability, increasing the chances of obtaining loans or credit from financial institutions. -
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Evidence for Transactions: Filed ITR for business income can provide solid proof of the business’s financial transactions and activities, which can be helpful for legal or contractual purposes. -
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Compliance with Law: Business tax filing ensures compliance with tax regulations, helping businesses avoid penalties or legal issues. -
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Transparency: Transparent financial records through tax returns can enhance the business’s credibility, fostering trust among customers, partners, and stakeholders. -
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Audit Preparedness: Filed ITR for business income provide a basis for accurate financial statements, preparing the business for potential tax audits. -
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Business Growth: Accurate financial reporting through tax returns can assist in making informed business decisions, aiding in growth and expansion strategies. -
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Avoiding Notices: Timely and accurate filing reduces the likelihood of receiving notices or queries from tax authorities. -
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Availing Tax Benefits: Filing returns on or before income tax return filing last date for business enables businesses to avail themselves of various tax benefits and deductions legally, optimizing their tax liabilities.
Types of Business Income Tax Return Filing
The different categories for filing business income tax returns are determined based on the types of business entities allowed to submit them. These categories correspond to other business structures and their respective designations. Ensure to follow the guidelines designed for how to file taxes for small business owners.
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Partnership Firm Tax Return Filing -
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Proprietorship Tax Return Filing -
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Limited Liability Partnership Tax Return Filing -
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Company Tax Return Filing
Proprietorship 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. Since proprietorships are considered the same as proprietors, the tax return filing procedure is similar to individual income tax return filing.
📌 Requirement for Filing Proprietorship Tax Return
- Proprietors below 60 years – File ITR if income exceeds ₹2.5 Lakhs.
- Proprietors 60–80 years – File ITR if income exceeds ₹3 Lakhs.
- Proprietors 80 years and above – File ITR if income exceeds ₹5 Lakhs.
💰 Income Tax Rate for Proprietorship
Proprietorships are taxed like individuals (slab rates). The following tax rates apply for Assessment Year 2023–24 (FY 2022–23).
Proprietors Below 60 Years
| Net Income Range | Rate of Income Tax |
|---|---|
| Up to ₹2,50,000 | – |
| ₹2,50,001 – ₹5,00,000 | 5% |
| ₹5,00,001 – ₹10,00,000 | 20% |
| Above ₹10,00,000 | 30% |
Proprietors (Age 60–80 Years)
| Net Income Range | Rate of Income Tax |
|---|---|
| Up to ₹3,00,000 | – |
| ₹3,00,001 – ₹5,00,000 | 5% |
| ₹5,00,001 – ₹10,00,000 | 20% |
| Above ₹10,00,000 | 30% |
Proprietors (Above 80 Years)
| Net Income Range | Rate of Income Tax |
|---|---|
| Up to ₹5,00,000 | – |
| ₹5,00,001 – ₹10,00,000 | 20% |
| Above ₹10,00,000 | 30% |
📊 Surcharge Rates (AY 2023–24)
| Range of Income | Surcharge Rate |
|---|---|
| ₹50 Lakhs – ₹1 Crore | 10% |
| ₹1 Crore – ₹2 Crores | 15% |
| ₹2 Crores – ₹5 Crores | 25% |
| Above ₹5 Crores | 37% |
📝 Tax Audit for Proprietorship
- Mandatory if annual turnover exceeds ₹1 Crore.
- For professionals – required if gross receipts exceed ₹50 Lakhs.
📅 Due Dates for Filing
- July 31 – For proprietorships not requiring audit.
- October 31 – For proprietorships requiring audit.
📂 ITR Forms for Proprietorships
- ITR-3: For proprietors or HUFs with business/professional income.
- ITR-4 (Sugam): For proprietors under presumptive taxation scheme.
Who should file a Business Income Tax Return?
Filing a business income tax return is mandatory for all eligible businesses operating within the framework of Indian tax regulations. The need to do a business tax return filing is contingent upon the structure of the business:
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Sole Proprietorship -
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Partnership Firm -
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Limited Liability Partnership (LLP) -
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Companies – Private Limited Company, One Person Company
Partnership Firm Tax Return Filing
All partnership firms must file ITR for business income, regardless of income or loss. Partnership firms are taxed as a separate legal entity under the Income Tax Act. Hence, the income tax rate applicable for partnership firms is similar to that of LLPs and companies registered in India.
Requirement for Filing Partnership Firm Tax Return
All partnership firms are required to file income tax returns each year, irrespective of income or loss. If there was no business activity, a NIL income tax return must be filed before the due date for a partnership firm.
Income Tax Rate for Partnership Firms
Partnership firms must pay income tax at 30% of total income. In addition to the income tax, a partnership firm is liable to pay an income tax surcharge on the amount of income tax at the rate of 12% when total income exceeds Rs.1 crores. In addition to the income tax and taxation, a partnership firm must pay a Health and education cess. Health & Education Cess is applicable on the amount of income tax and the appropriate surcharge at 4%.
Minimum Alternate Tax for Partnership Firms
Similar to income tax applicable for a company, partnership firms are subject to minimum alternate Tax. A minimum alternate tax of 18.5% of adjusted total income is applicable. Hence, income tax payable by a partnership firm’s profits cannot be less than 18.5 percent (increased by income tax surcharge, education cess, and secondary and higher education cess).
Tax Audit for Partnership Firm
Partnership firms carrying on business with total sales of over Rs.1 crore are required to obtain tax audits. Similarly, partnership firms carrying on a profession wherein gross receipts exceed Rs.50 lakhs in the previous year are required to obtain tax audits. In addition, other applicable conditions could make an audit mandatory for a partnership firm.
Due Date for Filing Partnership Firm Tax Return
The due date for filing income tax returns for most partnership firms is **July 31st**. Partnership firms that are required to get their accounts audited under the Income Tax Act must file their income tax return before the **October 31st** deadline.
Business Income ITR Form For Partnership Firm Return Filing
Partnership firms are required to file income tax returns in form ITR-5. Like all other income tax forms, ITR-5 is an attachment-less form, and there is no requirement for submitting any documents or statements along with a partnership firm tax return. However, the taxpayer must save all records about the business and produce the same before tax authorities when requested.
Limited Liability Partnership (LLP) Tax Filing
🧾 Filing Requirement
All LLPs are required to file income tax returns each year, irrespective of income or loss. If there was no business activity, a NIL income tax return must still be filed before the due date.
💰 Income Tax Rate
The income tax rate for an LLP is a flat 30% of the total income. A surcharge of 12% is levied on the tax amount if the total income exceeds ₹1 crore. Additionally, a Health and Education Cess of 4% is applied to the final tax and surcharge amount.
📊 Minimum Alternate Tax (MAT)
LLPs are subject to a Minimum Alternate Tax (MAT) of 18.5% on their adjusted total income. This ensures that the tax payable does not fall below this minimum rate (plus any applicable surcharge and cess).
🔍 Tax Audit
A tax audit by a Chartered Accountant is mandatory if an LLP’s turnover exceeds ₹40 Lakh or its contribution exceeds ₹25 Lakh. LLPs with specific international or domestic transactions must also file Form 3CEB.
🗓️ Due Dates for Filing
The general deadline for LLP tax filing is July 31st. However, if a tax audit is required, the due date is extended to October 31st. For LLPs required to file Form 3CEB, the deadline is November 30th.
📂 ITR Form
LLPs must file their income tax return using Form ITR-5. This form must be filed online with the digital signature of a designated partner.
Company Tax Return Filing
🧾 Filing Requirement
All companies registered in India (Private Limited, One Person, Limited, etc.) must file an income tax return every year. This is a mandatory requirement, even for dormant companies with no business activity.
💰 Income Tax Rates (AY 2024-25)
For domestic companies, the tax rate is 25% if turnover in FY 2021-22 was under ₹400 crores. Otherwise, the rate is 30%. A surcharge applies if income exceeds certain limits, and a 4% Health and Education Cess is levied on the final tax amount.
📊 Minimum Alternate Tax (MAT)
All companies must pay MAT at a rate of 15% of their book profit (plus surcharge and cess) if their regular tax liability is lower than this amount.
🔍 Tax Audit
Unlike other business structures, a statutory audit by a Chartered Accountant is mandatory for all companies every year, regardless of their turnover or profitability.
🗓️ Due Date for Filing (for FY 2024-25)
The due date for filing company income tax returns is on or before October 31, 2025. For companies involved in international transactions requiring a specific report, the deadline is November 30, 2025.
📂 ITR Form
All for-profit companies, including Private Limited, One Person, and Limited Companies, must file their tax returns using Form ITR-6.
Key Points for Business Tax Filing
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Total Income Assessment: Every business must compute its total income, regardless of profit or loss. If this income (before deductions) surpasses the basic taxable threshold, filing a return is mandatory.
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Gross Total Income Criteria: Generally, if your Gross Total Income exceeds ₹2.5 lakhs, you have surpassed the basic exemption limit. For business tax filing purposes, income before specific deductions is the key consideration.
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Uniform Taxation: Business structures like LLPs, Companies, and Partnership Firms are typically subject to a flat tax rate (e.g., 30%) and must file returns regardless of their financial outcomes or operational status for the year.
Business Tax Filing– Frequently Asked Questions
Explore commonly asked questions about Business Tax Filing in India. Learn about the costs involved, legal formalities, and key advantages to help you make confident and informed choices.
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