What is ITR Filing for Business ?
ITR (Income Tax Return) filing is mandatory for every business or professional with income above the basic exemption limit. It ensures compliance with tax laws, helps with business credibility, availing loans, tenders, and avoids penalties. Filing depends on business structure—Proprietorship, Partnership, or Company.
Who Needs to File ?
- ✔ Sole Proprietors and Freelancers
- ✔ Partners in a Partnership Firm or LLP
- ✔ Directors and Shareholders in Pvt Ltd or OPC
- ✔ Professionals (Doctors, Lawyers, Architects, etc.)
- ✔ Traders, Manufacturers, Service Providers
Charges
Professional Fees: ₹699 + 18% GST
Why Aarambh Associates ?
- ✔ Chartered Accountant-backed filing
- ✔ Accurate reporting with tax-saving insights
- ✔ Support for Presumptive (44AD/44ADA) & Regular ITRs
- ✔ Fast turnaround with complete data privacy
- ✔ Best suited for MSMEs and startups
Process of ITR Filing for Business Persons
Step 1: Collect Financial Data
Gather sales, purchases, expenses, bank statements, and loan data for the financial year.
Step 2: Choose Correct ITR Form
Select appropriate ITR (ITR-3/4/5) based on your business type (Proprietorship, Firm, Company).
Step 3: Calculate Taxable Income
We compute your income from business/profession after all eligible deductions.
Step 4: Depreciation & Adjustments
Include depreciation, preliminary expenses, and previous year losses if applicable.
Step 5: Return Filing
File the return online using DSC or Aadhaar OTP and generate ITR-V for reference.
Step 6: Compliance Support
Get post-filing support for tax notices, advance tax, audit report, and return rectification.
Documents Required for ITR Filing (Business)
1. PAN & Aadhaar
PAN of the business/proprietor and Aadhaar for verification.
2. Bank Statements
All business bank accounts' statements for the entire financial year.
3. Sales & Purchase Invoices
Invoice summary or ledger for income and expenses made during the year.
4. Books of Accounts
Trial balance, profit & loss statement, balance sheet, and depreciation schedule.
5. TDS Certificates
Form 16A/26AS showing tax deducted by clients or customers.
6. GST Returns (if registered)
Summary of GST returns filed (GSTR-1, GSTR-3B) for income verification.
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