Navigate the complexities of business tax filing with confidence. Our experts are here to guide you through a seamless process, ensuring compliance and maximizing your business's financial efficiency.
Before launching a business, entrepreneurs must understand business tax filing to ensure compliance and avoid penalties. Tax filing involves reporting income, expenses, and financial details to tax authorities, covering various obligations such as Income Tax Return (ITR) filing, GST return filing, TDS return filing, advance tax payments, professional tax filing, and tax audits.
Income Tax Return (ITR) Filing for Businesses
Businesses must file ITR based on their entity type:
Failure to file ITR can lead to penalties, interest on unpaid taxes, and legal consequences.
GST Return Filing
Businesses registered under GST must file periodic returns:
TDS Return Filing
Businesses deducting Tax Deducted at Source (TDS) must file quarterly TDS returns (Form 24Q, 26Q, 27Q) to avoid interest on late deductions and penalties under Section 271H.
Advance Tax Payment
Businesses with significant tax liabilities must pay advance tax in four installments to avoid interest under Section 234B & 234C.
Professional Tax Filing
In states where applicable, businesses must deduct and deposit professional tax for employees, filing returns with state tax departments.
Tax Audit Requirements
Businesses exceeding turnover thresholds must undergo a tax audit under Section 44AB, ensuring accurate financial reporting.
ITR Filing: September 30 (with audit), November 30 (for certain taxpayers).
GST Filing: Monthly/quarterly as per GST rules.
TDS Returns: Quarterly (April, July, October, January).
Advance Tax Payments: Due in June, September, December, and March.
Late Filing Penalties: ₹5,000 to ₹10,000 under Section 234F for ITR delays, GST & TDS penalties as per respective laws.
At JKStartup360, we simplify business tax compliance across Jammu & Kashmir, Delhi, Punjab, Maharashtra, and other states in India. Our experts ensure timely ITR filing, GST returns, TDS compliance, advance tax payments, and tax audit assistance tailored to your business needs. We handle documentation, deadline tracking, and tax-saving strategies, allowing you to focus on business growth while staying compliant with Indian tax regulations.
Contact us today to streamline your business tax filing and avoid penalties!
Any business entity, such as a company, partnership firm, or proprietorship, whose income exceeds the specified limit is required to file business tax returns.
Required documents may include PAN card, TAN (Tax Deduction and Collection Account Number), financial statements, balance sheets, profit and loss statements, and other relevant financial documents.
Business income is taxed based on the applicable tax slab for the type of business entity. Different entities may have different tax rates and rules.
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