Income Tax for Businesses

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File ITR for Your Business Online

All businesses, regardless of whether they conducted business in that fiscal year or not, must file their IT returns. Companies must file income tax regardless of profit or loss. Partnership businesses must file a NIL income tax return before the filing deadline.


Companies that have been idle for a year and have made no business decisions are nonetheless required to file taxes. However, if there has been no undertaking for that fiscal year, an ITR for self-employed individuals does not need to be submitted.


As previously stated, there are two ways for firms, corporations, and self-employed individuals to submit income taxes. The first is the online approach, while the second is the offline method. A computer is required for both approaches.


Companies or individuals who do not submit ITR-4 Sugam can seek the assistance of a Law Suvidha specialist to file their taxes. Schedule a call and receive a free consultation on submitting business tax returns.

Types of Business Tax Return Filing

There are 4 different types of business tax return filings. These includes:


Every year, an income tax return must be filed by anybody with company or professional income above Rs. 2.5 lakhs. For professionals and business owners, Law Suvidha provides income tax filing starting at Rs. 2899.


Whether registered or unregistered, partnership businesses must file an annual income tax return using form ITR 5. Partnership businesses are subject to a 30 percent income tax. For partnership companies, Law Suvidha provides income tax filing starting at Rs. 5899.


Limited Liability Partnership businesses with Indian registrations must submit an MCA Annual Return and an Income Tax Return on Form ITR-5 each year. Starting at Rs. 7899, Law Suvidha provides full compliance management for LLPs.


Every year, Income Tax Return on Form ITR-6 and MCA Annual Return must be filed by all varieties of firms with Indian registrations. For businesses, Law Suvidha offers full compliance management beginning at Rs. 7899.

Business Tax Return Filing Benefitsa

Filing for a business tax return gives numerous advantages. A few of them are mentioned below:

  • You can apply for a loan
  • Losses can be carry forwarded
  • Saves you from penalty and prosecution
  • Ease in obtaining government tenders
  • Enables you to claim depreciation
  • Avail of Presumptive Taxation Scheme

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Documents required for filing ITR for business?

For businessmen, self-employed, and companies, these are the following documents required to file an ITR.

  • PAN card
  • Aadhaar card
  • Loan documents to claim a rebate
  • A balance sheet of the financial year
  • Records of audit if applicable
  • Certificates that show the tax deducted at the source (TDS)
  • Challan copy of income tax payments such as advance tax and self-assessment tax

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Frequently Asked Questions (FAQ)

Yes, you can file belated ITRs up to one year after the end of the applicable assessment year. Tax returns can be filed up to three years late.

If a small firm has chosen a presumptive tax scheme, they must submit ITR-4. If the company’s turnover surpasses 2 crores, the taxpayer must submit ITR-3.

If the entire tax liability in a Financial Year is Rs.10000 or more, the (taxpayer) businessman shall pay advance tax in four instalments:

  • 15 June
  • 15 September
  • 15 December
  • 15 March.

The two methods for calculating taxable business income are normal provision and presumptive taxation. Under typical circumstances, taxable income is derived by subtracting the cost of sold items and costs from total sales.