Business Income Tax Return

Government has prescribed ITR-3, ITR-4, ITR-5, ITR-6 and ITR-7 for Income Tax filing of business and profession. Applicability of ITR forms is Depends on the type of business or profession.

• Someone who earns income from a business or profession and is not covered by presumptive taxation;
• The assessee who is otherwise eligible for presumptive taxation but with a turnover exceeding Rs. 2 crores in case of business and gross receipts exceeding Rs. 50 lakhs in case of profession.

A working partner in firm or LLP is required to file return by 31st July for non-audit case and 30th September in case of audit.

• A partnership firm and LLP is required to file return by 31st July for non-audit case and 30th September in case of audit.
• A LLP is required to file return by 31st July for non-audit case and 30th September in case of audit.
• A trust is required to file return by 31st July for non-audit case and 30th September in case of audit.

An assessee is liable to get his accounts audited by a Chartered Accountant mandatorily, if in the Previous Year,

• he was carrying on business and his total sales or turnover exceeded Rs. 1 crore (2 crores in case of presumptive taxation u/s. 44AD), or
• he was carrying on a profession, and his gross receipts exceeded Rs. 25 lakhs (50 lakhs in case of presumptive taxation u/s. 44ADA) (Applicable from Financial Year 2016-17 onwards), or
• he was carrying on business or profession and is covered under the provisions of section 44AD, 44AE, 44AF, 44BB or 44BBB and claims that his income from the said business is lower than the deemed profits and gains computed under the relevant section

• Profit and loss account
• Books of accounts
• Bank statements
• Sales register
• Purchase register
• TDS certificate/Form 16A
• VAT Return/Service Tax Return
• Registration certificate
• Details of all expense
• Details of income other than business
• Details of tax saving investments