Business tax filing
Business Tax Return Filing
A tax is a payment or charge that is taken by the government from individuals for all public services. This payment is the revenue for the government. All businesses Small or big are required to file taxes every year. In order to file tax, a business is also required to file TDS and pay advance tax. It is basically an income tax return. Moreover, it is a report of the income and expenses of the firm. Even, any tax to be paid on the earnings made by you is stated in this return. Additionally, the return also includes details of the purchases and penalties held by the business. Items like fixed buys, debtors and creditors of the business, loans taken, and loans given are declared here.
Documents required for tax filing
- Form 16
- Bank Statements
- Details of Investments
- Details of Insurance & Loans
- PAN Copy
- Aadhaar Copy
What are the due dates for filing business returns?
For the People not answerable to tax audit, the last date for the filing of the return is 31st August after the end of the economic year (Belated return can be filed up to 31st March subject to fine) For someone liable to tax audit and all other assesses like business, LLP or partnership firm, the due date is 30th September after the end of the financial year. For the FY 2017-18, this due date has been expanded from 30 September 2018 to 31 October 2018.
The fine for non-filing of returns- Any failure incurred during the year cannot be taken forward if the return is filed after the due date of filing the income tax return.
Also, a fine of Rs. 5000 under section 271F can be imposed on the assessee.