Business Tax Filing
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Simplified Business ITR Filing: Your Complete Guide
Business tax filing is a critical annual responsibility for all businesses in India. It’s the process of submitting an income tax return for businesses that details your firm’s income, expenses, and tax liabilities. Timely business ITR filing is key to avoiding penalties and ensuring legal compliance.
At FileMyFirm, we specialize in making business tax return filing straightforward for firms of all sizes. Our platform, powered by LEDGERS small business tax filing software, is designed to handle all your accounting and compliance needs.
Who Must File a Business ITR?
ITR for business income is mandatory for all legal business entities, including:
- Sole Proprietorship: File an ITR for business income if your total annual income exceeds the basic exemption limit.
- Partnership Firm & LLP: These entities must file an ITR every year, regardless of whether they have a profit or a loss.
- Companies: All registered companies in India, including Private Limited and One Person Companies, must file an annual business ITR, even if they are dormant.
Essential Due Dates for Business ITR Filing (FY 2024-25)
Staying on top of business tax return filing deadlines is crucial. Here are the key dates:
- July 31, 2025: ITR filing last date for business for non-audited firms (e.g., sole proprietorships and partnerships).
- September 30, 2025: Deadline for business ITR for all companies and firms that require a tax audit.
- November 30, 2025: The extended deadline for firms involved in transfer pricing.
- December 31, 2025: The final date to file a belated or revised return.
Choosing the Right ITR Form
Selecting the correct business income ITR form is essential for accurate filing.
- ITR-3: For individuals and HUFs with income from a proprietary business or profession.
- ITR-4 (Sugam): For small businesses and professionals who opt for the presumptive taxation scheme.
- ITR-5: The designated form for LLP tax filing, partnership firms, and other non-corporate entities.
- ITR-6: Mandatory for all companies, except those claiming an exemption.
Why Choose FileMyFirm for Your Business Tax Filing?
- Simplified Process: Our user-friendly platform guides you on how to file taxes for small business owners, from data entry to submission.
- Expert Assistance: Get support from seasoned professionals who ensure your ITR is filed accurately and on time.
- Integrated Software: Our LEDGERS software automates your accounting and tax calculations, making compliance effortless.
- Avoid Penalties: We help you meet all income tax return filing last date for business, so you can avoid late fees and legal issues.
- Maximize Benefits: Our expertise ensures you claim all applicable deductions, helping you optimize your tax liabilities and carry forward losses.
Ready to take the stress out of business tax filing? Contact us today for a seamless and secure experience. Partner with FileMyFirm to ensure your business stays compliant and financially healthy.
Frequestly asked questions ( FAQ )
Yes, filing a Business Income Tax Return (ITR) is a critical annual responsibility and is mandatory for all legal business entities in India, including:
Sole Proprietorships: Must file if the total annual income exceeds the basic exemption limit.
Partnership Firms & LLPs (Limited Liability Partnerships): Must file an ITR every year, regardless of whether they have a profit or a loss.
Companies (Private Limited, One Person Companies, etc.): Must file an annual ITR, even if the company is dormant.
Businesses are generally required to file two main types of returns:
Income Tax Returns (ITR): Filed annually to report the business’s total income, expenses, and overall tax liability to the Income Tax Department.
GST Returns (Goods and Services Tax): Filed monthly, quarterly, and/or annually by businesses registered under GST to report sales, purchases, and tax collected/paid.
The ITR form depends on the business’s structure and tax scheme:
ITR-3: Used by individuals and Hindu Undivided Families (HUFs) who have income from a proprietary business or profession.
ITR-4 (Sugam): Used by small businesses and professionals who opt for the presumptive taxation scheme.
ITR-5: The designated form for LLPs, partnership firms, and other non-corporate entities.
ITR-6: Mandatory for all companies (Private Limited, Public Limited, etc.), except those claiming an exemption.
The essential deadlines for filing the Business ITR for the Financial Year (FY) 2024-25 are:
July 31, 2025: Deadline for ITR filing for non-audited firms (e.g., most sole proprietorships and partnerships).
September 30, 2025: Deadline for ITR filing for companies and firms that require a tax audit.
November 30, 2025: Extended deadline for firms involved in transfer pricing.
December 31, 2025: Final date to file a belated or revised return.
To accurately file a Business ITR, the following financial documents and information are essential:
PAN and Aadhaar of the entity and its proprietors/partners/directors.
Finalized Books of Accounts: Including the Profit & Loss Account and Balance Sheet.
Bank Statements: Complete details of the business bank accounts.
TDS Certificates (Form 16A/26AS): To claim credit for any tax deducted at source.
GST data: Details of sales and purchases if the business is registered for GST.
Investment/Expense Proof: Documents related to deductions claimed under various sections of the Income Tax Act.