Business Tax Filing

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Business Tax Filing

GWe’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.

PLANS STARTING FROM ₹2,499

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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 the year, businesses struggle to get their accounts in order. This premium ITR filing plan is designed to provide you with professional help in preparing financial statements and filing business ITR.

Further, our experts will assist you with the payment of advance taxes and guide you on critical business financial planning to help maximize tax savings.

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Procedure for Business Tax Filing

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Purchase of Plan

First thing is to select a plan that suits your business type.

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Upload Documents

You are to upload the required documents such as : i) Bank Statement for the financial year. ii) Income tax expenses and statements. iii) Gross receipts. iv) Form 26AS Tax Credit Statement. v) Bank statement if interest received is above Rs. 10,000/- etc.

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Financial Statements Preparation

This step involves financial statement preparation, which will cater all of the specifications.

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Review computation sheet

This is the last stage of service where the computation sheet is reviewed. As soon as it is reviewed, Return filed & acknowledgement is generated.

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(All Inclusive)

[/vc_column_text][vc_row_inner][vc_column_inner width=”1/3″][gva_pricing title=”Business Tax Returns – Basic” price=”2,499.00″ currency=”₹” period=””]

(All Inclusive Govt. Fees)
  • Account Summary – P&L and Balance Sheet (up to 100 entries per year)
  • Advance Tax Payment (4 nos.)
  • Expert Assisted Tax Filing for business and professionals
  • Tax Savings & Planning Advice

[/gva_pricing][/vc_column_inner][vc_column_inner width=”1/3″][gva_pricing title=”Presumptive Income Tax Filing” price=”2,999.00″ currency=”₹” period=””]

(All Inclusive Govt. Fees)
  • Expert-Assisted Tax returns Filing
  • Business hours Expert-Support
  • Documented follow up

[/gva_pricing][/vc_column_inner][vc_column_inner width=”1/3″][gva_pricing title=”Business Tax Returns – Premium” price=”4,999.00″ currency=”₹” period=””]

(All Inclusive Govt. Fees)
  • Account Summary – P&L and Balance Sheet (up to 250 entries per year)
  • Advance Tax Payment (4 nos.)
  • Expert Assisted Tax Filing for business and professionals
  • Tax Savings & Planning Advice

[/gva_pricing][/vc_column_inner][/vc_row_inner][/vc_column][/vc_row][vc_row css=”.vc_custom_1631962907496{padding-top: 50px !important;}”][vc_column][vc_custom_heading text=”Frequently Asked Questions” font_container=”tag:h2|text_align:center” use_theme_fonts=”yes”][/vc_column][/vc_row][vc_row row_space=”remove_padding_top”][vc_column][vc_tta_accordion][vc_tta_section title=”Q.1 What is the due date to file business returns?” tab_id=”1631962818888-f2d58f48-62d7″][vc_column_text]

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

[/vc_column_text][/vc_tta_section][vc_tta_section title=”Q.2 I am running a business. I wish to know what is advance tax and when do i need to pay it?” tab_id=”1631962818890-d3706755-c985″][vc_column_text]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

Under this plan ClearTax experts will help you access your advance tax liability and assist you in its timely payment.[/vc_column_text][/vc_tta_section][vc_tta_section title=”Q.3 Can I file a revised return to correct a mistake in original return filed?” tab_id=”1631963238585-591cb886-5728″][vc_column_text]

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.

[/vc_column_text][/vc_tta_section][vc_tta_section title=”Q.4 Am I required to keep a copy of the return filed as proof and for how long?” tab_id=”1631963585805-6b748c9f-fbbb”][vc_column_text]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.[/vc_column_text][/vc_tta_section][vc_tta_section title=”Q.5 Are Audit and Financial statements preparation covered in the plan?” tab_id=”1631963761290-a416f1a5-4b73″][vc_column_text]

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.

[/vc_column_text][/vc_tta_section][vc_tta_section title=”Q.6 Who can opt for the presumptive taxation scheme?” tab_id=”1631964034722-1ca7385f-76bc”][vc_column_text]

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

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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

[/vc_column_text][/vc_tta_section][vc_tta_section title=”Q.8 I am a shopkeeper and wish to declare income less than 8% of my gross turnover. How can i do that?” tab_id=”1634112785847-a30a7c19-5a82″][vc_column_text]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.[/vc_column_text][/vc_tta_section][vc_tta_section title=”Q.9 I am an insurance agent and my gross receipts are Rs. 40 lakh. Am i eligible under presumptive taxation scheme?” tab_id=”1634112784310-b18a12d3-6103″][vc_column_text]There are certains businesses which are explicitly not allowed to claim the benefits under the scheme. They include:

[/vc_column_text][/vc_tta_section][vc_tta_section title=”Q.10 Can I file a revised return to correct a mistake in original return filed?” tab_id=”1634112782697-ac037474-b938″][vc_column_text]

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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