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:
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 case a loan is intended to be applied to any financial Institutions
- In case VISA application is required to be filed
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/- |
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) |
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/-
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% |
- 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
- 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
ENRICHED
- Proprietorship Firm
- Business Income
- Turnover upto 50 Lakhs
- Preparation of Balance Sheet
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