Income Tax Return

Any company that is registered with the Government of India and operating on Indian soil is required to submit its filed IT returns. This is equally applicable for those companies that have been dormant with no business transactions and no registered income or expenses.

As per the Income Tax Department the entities required to file IT returns annually are:

  • Every company, be it Private limited, LLP or partnership irrespective of the income or loss must file IT returns
  • Individuals enjoying income from mutual funds, bonds, stocks, fixed deposits, income from interest, house property,etc
  • Individuals receiving income from property under charitable trusts, religious trusts or income from voluntary contributions
  • Individuals or companies who want to claim tax refunds
  • Salaried persons whose gross income before deductions under section 80C to 80U exceeding the exemption limit
  • All individuals with foreign income, foreign assets, NRI’s and tech professionals on onsite deputation.
For business tax return filing:

The IT Department of India has rules for all businesses operating throughout the country to file income taxes each and every year. If need be, TDS return can also be filed and advance taxes can be paid to ensure that the business complies with the IT rules and regulations.

Proprietorship Tax Return Filing

A proprietorship firm is run by a single person called the proprietor. Proprietorship is not a separate legal entity, that is, both the proprietor (business owner) and the business are the same. Due to this, ITR filing for proprietorship is the same as that of the proprietor. Proprietors are required to file IT returns year after year. The procedure is no different from that of individual income tax filing.

Requirements for filing proprietorship tax returns:

Proprietors within 60 years of age and whose income exceeds Rs.2.5 lakhs are required to file proprietorship tax returns. Proprietors above 60 years but less than 80 years of age and whose total income exceeds Rs 3 lakhs are eligible. Proprietors above 80 years must file their IT returns if their total income exceeds Rs 5 lakhs.

Partnership Firm Tax Return Filing

As per the Income Tax Act, all partnership firms are treated as separate legal entities and are applicable for tax rates that are on par with LLP’s and companies registered in India.

Requirement for filing partnership firm tax return

Irrespective of income or loss, partnership firms are required to do IT filing. If the firm has been commercially inactive with no registered income, a NIL income tax return should be filed within the stipulated date. LLP Tax Return Filing

All LLPs or Limited Liability Partnerships are considered separate legal entities and their income tax rate is similar to that of all companies registered in India. The Income Tax Act declares that all LLP’s must file their tax returns irrespective of the loss or gain they have incurred in that year. If the LLP has seen no business activity or registered income, then a NIL income tax must be promptly filed. Company Tax Return Filing All types of business structures like Private Limited Company, Limited Company, Limited Liability Partnership company, One Person Company are registered under the Ministry of Corporate Affairs. All such companies are mandatorily required to file IT returns as prescribed by the Income Tax Act. Requirement for filing company tax returns Any company that is registered with the Government of India and operating on Indian soil is required to submit its filed IT returns. This is equally applicable for those companies that have been dormant with no business transactions and no registered income or expenses.

Income Tax Return Form