ITR FILING (BUSINESS)

Magus can help you with filing of Income Tax Return for you or your organization, within due date, in a hassle-free manner within a reasonable time span and for competitive professional fee which starts from Rs. 2499/-

Income tax return is required to be filed by every business entity whether it is a proprietorship firm, partnership firm, LLP or Company on fulfilment of certain criteria, Further, the non-filing of Income tax returns may lead to implications (viz., fine, penalty etc.) under Income tax Act, 1961, depending on various scenarios. Certain relevant queries in connection with the same have been dealt below in the form of an FAQ:

Filing of Income tax Return is mandatory in any of the following situations: - Income Criteria (Prescribed by Income-tax Act, 1961)
Persons Gross Total Income (before 80C to 80U deductions)
(proprietor) Senior Citizen         (age >= 60 years <= 80 Years) Exceeding 2,50,000/-
(proprietor) Super Senior Citizen (age > 80 Years) Exceeding 3,00,000/-
proprietor other than above Exceeding 5,00,000/-
Companies Any Income/ Loss/ Turnover
Partnership Firms Any Income/ Loss/ Turnover
LLPs Any Income/ Loss/ Turnover
Trusts/ AOPs/ BOIs Any Income/ Loss/ Turnover
In addition to above, tax return is required to be filed where a refund is due or loss is required to be carried forward. While the above criteria(s) are prescribed, there are following situations wherein income tax return is required to be annexed as document Other Criteria
  • In case a loan is intended to be applied to any financial Institutions
  • In case VISA application is required to be filed
The non-filing of an income tax return shall lead to following fine under section 234F
Filing of return on Amount of Fine If Income is up-to INR 5 Lakhs Amount of Fine If Income is above INR 5 Lakhs
After due date but before 31st Dec 2020 INR 1,000/- INR 5,000/-
After 31st Dec 2020 but before 31st Mar 2021 INR 1,000/- INR 10,000/-
Normally the due date of filing income tax return for the FY 2019-20 is
Persons Normal Due Date Due date due to COVID-19
Individuals having income from Business/ Profession not entitled to Tax Audit 31st July 2020 30th November 2020 (applicable for the FY 2019-20)
Individuals having income from Business/ Profession entitled to Tax Audit 30th September 30th November 2020 (applicable for the FY 2019-20)
Partnership Firm/ LLPs not entitled to Tax Audit 31st July 2020 30th November 2020 (applicable for the FY 2019-20)
Partnership Firm/ LLPs not entitled to Tax Audit 30th September 30th November 2020 (applicable for the FY 2019-20)
Companies 30th September 30th November 2020 (applicable for the FY 2019-20)
The government has specified various rates as follows Proprietorship Firms
Income Slab Senior Citizens Very Citizens Others
(age >= 60 years <= 80 Years) (age > 80 Years) Age < 60 Years
Tax Rate Income Slab Tax Rate
Upto 2.5 Lakhs Nil Nil Nil
2.5 Lakhs to 3 Lakhs Nil Nil 5%
3 Lakhs to 5 Lakhs 5% Nil 5%
5 Lakhs to 10 Lakhs 20% 20% 20%
10 Lakhs & Above 30% 30% 30%
 
  • Education cess& Health cess shall be applicable on the amount calculated as above @ 4%
  • A Tax rebate maximum up-to Rs. 12,500/- shall be applicable for Total Income up-to Rs. 5,00,000/-
Other than Proprietorship Firms
Persons Tax Rate
Partnership Firms 30%
LLPs 30%
Domestic Companies whose Turnover <= Rs. 400 Crore 25%
Domestic Companies whose Turnover > Rs. 400 Crore 30%
Domestic Companies opted for Sec 115BA 25%
Domestic Companies opted for Sec 115BAA 22%
Domestic Companies opted for Sec 115BAB 15%
  In addition of above
  • cess @ 4% on tax shall also be levied
  • surcharge shall be levied as follows
 
Income Limit Surcharge rate
Net Income > 1 Crore <= 10 Crore 7%
Net Income < 10 Crore 12%
Domestic Companies opted for Sec 115BAA 10%
Domestic Companies opted for Sec 115BAB 10%
  • Income Tax E-portal login id & password
  • PAN & Aadhar of the assessee
  • Digital Signature Certificate
  • Details of Income such as Form-16, Interest Income, House Property Income, etc.
  • Balance Sheet & Profit and loss Account
  • Bank Statement of the assessee
The broad process of filing Income Tax Return involves following steps:
  • STEP 1: Provision of requisite mentioned documents/information to us
  • STEP 2: Validating the documents/ information and processing the same.
  • STEP 3: Filing of return and submission of the same in online/offline manner, as the case may be
  • STEP 4: Payment of appropriate government fee as applicable
  • STEP 5: Submission of return within due date
The process of submission of Income Tax Return can take anywhere between 1 to 2 working days, subject to submission of correct information and complete documentation.
Magus can help you with filing of Income Tax Return for you or your organization, within due date, in a hassle-free manner within a reasonable time span and for competitive professional fee. To know more, please book a telephonic appointment with one of our consultants free of charge.
2499

ELEMENTAL

  • Proprietorship Firm
  • Business Income
  • Turnover upto 50 Lakhs
4999

ENRICHED

  • Proprietorship Firm
  • Business Income
  • Turnover upto 50 Lakhs
  • Preparation of Balance Sheet
14999

SUPREME

  • Proprietorship Firm
  • Business Income
  • Turnover upto 50 Lakhs
  • Preparation of Balance Sheet
  • Accounting in Tally

* Terms & Conditions   

1) In case the above plan does not qualify your requirements, kindly contact our executive, we shall be happy to customise a plan for you

2) The Income Tax amount payable to the govt. shall be directly paid by you

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