Business Income Tax Return Filing

Important Deadlines:

  • Annual Deadline: File your ITR by July 31st each year to stay compliant.
  • Late Filing: Missed the deadline? File with a late fee until December 31st
  • Updated Return: - After December 31st, you can still file an updated return to pay any due taxes and penalties. Note: Refunds are not available with this option.
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Work Process

How We Work

01

Gather Documentation

Collect all necessary documents, including GST details and financial statements.

02

Verify Financial Statements

Ensure accuracy and completeness of your financial records for the fiscal year (April 1st to March 31st).

03

Prepare Your Return

Use your income tax login to access the filing portal and accurately report all income sources.

04

Review and File

Double-check your return for discrepancies before filing to ensure accuracy.

Checklist

Documents Required

GST Details: GSTIN and summary of filed GST returns.
Financial Statements: Comprehensive financial records for the fiscal year.
Income Tax Login Details: For accessing the e-filing portal.
Additional Income: Report any income outside of regular business operations.
Accounting Data: Detailed records to support income and expense claims.

Service

What's included

Efiletax is an online platform that offers ITR filing for salaried. Here are some ways Efiletax can help individual with their ITR filing process:

Critical Review of Your Documents: Before proceeding, we conduct a thorough review of all your documents to ensure accuracy and completeness. This critical step helps in identifying any discrepancies early on, ensuring a smooth filing process.

Verification of Form 26AS/AIS and TIS: We cross-verify the tax credit statement (Form 26AS), the Annual Information Statement (AIS), and the Taxpayer Information Summary (TIS) to ensure all your tax deductions and collections are accurately accounted for. This step is crucial for matching your tax payments and deductions with the government records.

Drafting Your Return: Upon successful verification, we prepare a draft of your tax return. This draft is sent to you for review, ensuring you are informed and satisfied with the computations and the details to be filed.

Finalizing and Filing Your Return: After incorporating your feedback and with your consent, we proceed to finalize your tax return. We ensure the filing is compliant with all regulations and is submitted within the stipulated deadlines. Your active involvement is crucial at this stage to complete the filing process seamlessly.

Introduction

Are you tired of the hassle and complexity of traditional business tax e-filing? Switch to efiletax and experience a simpler, more streamlined approach to business tax preparation and filing!

With efiletax, you'll enjoy a range of powerful features and benefits, including:

  • Automated data import: Our platform can automatically import your business data from a variety of sources, including your accounting software and bank accounts. Say goodbye to tedious data entry and hello to effortless data import!
  • Advanced error checking: Our platform is designed to catch errors and discrepancies before they can cause problems. We'll flag potential issues and suggest solutions to ensure that your business taxes are filed accurately and efficiently.
  • Real-time status updates: We know how important it is to stay on top of your business tax filing status. That's why we provide real-time updates throughout the entire filing process, so you'll always know where you stand.
  • Dedicated support: Our team of tax experts is here to answer your questions and help you navigate the tax filing process. Whether you're a first-time filer or an experienced business owner, we're here to support you every step of the way.

FAQ:

What is the deadline for filing Business ITR?

The annual deadline for filing Business ITR is *July 31st* of each year. It's crucial to file by this date to avoid any late fees.
Yes, you can file your Business ITR with a late fee up until *December 31st* of the same year. However, it's advisable to file within the original deadline to avoid penalties
If errors are discovered after the original filing, businesses have the option to file an updated return post-December 31st. This allows you to correct any discrepancies and pay due taxes or penalties. However, tax refunds cannot be claimed through an updated return.
The key documents required include:
  • GST details, including GSTIN and a summary of GST returns filed.
  • Financial statements for the fiscal year (April 1st to March 31st).
  • Income tax login details for accessing the e-filing portal.
  • Details of any additional income outside of regular business operations.
  • Detailed accounting records to support income and expense claims.
It's recommended to work with a Certified Accountant (CA) to review and verify your financial statements. Ensuring accuracy in your financial records is crucial for a smooth ITR filing process.
Yes, filing your Business ITR after the July 31st deadline but before December 31st will incur late fees. The specific amount depends on the extent of the delay and the size of your business. It's best to file on time to avoid these penalties.

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