Business Tax Filing

Easy My Tax: Simplified Business Income Tax Return Filing

Running a business means dealing with taxes, and filing your Business Income Tax Return (ITR) is an essential part of staying compliant. At Easy My Tax, we make filing your business tax returns simple, fast, and stress-free—whether you're just starting out or already established.

What is a Business Tax Return?

A business tax return is a detailed report showing your business’s income, expenses, and taxes paid. It’s mandatory to file this return annually with the Income Tax Department. This helps document your business’s financial health, including earnings, loans, assets, and liabilities.

Who Must File a Business Income Tax Return?

All businesses operating in India need to file an income tax return if their gross total income exceeds Rs. 3 lakhs. This includes:

• Sole Proprietorships
• Partnership Firms
• Limited Liability Partnerships (LLPs)
• Private Limited Companies, One Person Companies, and other registered companies

Benefits of Filing Your Business Tax Return on Time

• Get Tax Refunds: Claim any excess tax paid.
• Carry Forward Losses: Offset current losses against future profits to reduce tax burden.
• Easy Loan Approvals: Filed returns prove financial credibility to banks and lenders.
• Legal Compliance: Avoid penalties and legal trouble.
• Build Trust: Transparent records enhance business reputation.
• Audit Readiness: Proper filing prepares you for any tax audits.
• Tax Savings: Avail deductions and benefits under the law.

Income Tax Rates & Filing Details by Business Type (AY 2024-25)

Proprietorship

Proprietorship firms are taxed like individuals based on income slabs. Filing is mandatory if income exceeds Rs. 2.5 lakhs (different slabs apply by age). Tax rates range from 5% to 30% based on income.

• Due date: July 31 (if audit required, Sept 30)
• Forms: ITR-3 or ITR-4 Sugam (for presumptive taxation)

Partnership Firms

Partnership firms pay a flat 30% tax plus applicable surcharge and cess. Filing is mandatory every year, even if there is no income (NIL return).

• Due date: July 31 (if audit required, Sept 30)
• Form: ITR-5

Limited Liability Partnership (LLP)

LLPs are taxed similarly to companies, at 30%, with surcharge and cess. Audit required if turnover exceeds Rs. 40 lakh or capital contribution exceeds Rs. 25 lakh.

• Due date: July 31 (if audit required, Sept 30)
• Form: ITR-5

Companies

Domestic companies pay 25% tax if turnover is below Rs. 400 crore, else 30%. Minimum Alternate Tax (MAT) applies. Filing is mandatory regardless of profit or loss.

• Due date: Sept 30
• Form: ITR-6

How Easy My Tax Can Help

At Easy My Tax, we simplify your tax filing with expert guidance and an easy-to-use platform. We help you choose the right ITR form, keep track of deadlines, and ensure your business complies with all tax laws—saving you time and effort.

Ready to file your business tax return stress-free? Contact Easy My Tax today!