Gsagroups provides you the Business Tax filing service which is the process of submitting a company’s income, expenses, and financial information to tax authorities in order to determine its tax due. All businesses, including sole proprietorships, partnerships, and corporations, must submit tax returns on an annual basis or as required by law. Proper tax filing ensures that businesses comply with government requirements, avoid penalties, and can claim discounts and benefits. It includes income tax, GST, and any other applicable taxes. Many businesses utilize internet platforms or professionals to ensure appropriate filing. Timely and accurate tax filing not only ensures legal status, Business tax filings depend on the type, size, and nature of the business. Proper and timely filing ensures compliance, avoids penalties, and helps businesses to grow and maintain their good financial growth. gsagroups.in
Types of Business tax filing included in gsagroups:
1. Tax Return (ITR) for Businesses: Every company, no matter its kind, and must submit an Income Tax Return (ITR) on an annual basis. The appropriate tax form and rates are dependent on the business structure. Which includes proprietorship firm, Partnership firm, Limited liability partnership, Private limited company, one persona company, public limited company registration etc.
2. GST Returns: Registered businesses must file periodic returns based on turnover and registration type.
GSTR-1: It is a quarterly or monthly return for outward supply (sales).
GSTR-3B: Monthly summary return for GST liabilities.
GSTR-4: It is the annual return for organizations operating under the Composition Scheme.
GSTR-9: Annual GST return for organizations with a particular turnover threshold.
3. Tax Deducted at Source (TDS) forms: Businesses that deduct TDS on salaries, supplier payments, and rent must file quarterly TDS forms.
Form 24Q: TDS on salaries.
Form 26Q: TDS on non-salary payments.
Form 27Q: TDS on payments to NRIs.
4. Advance Tax Filing: Businesses with annual tax liabilities over ₹10,000 must pay in four payments (June, September, December, and March) to avoid tax penalties.
5. Professional tax filing: Some states require firms to deduct and file Professional Tax (PT) for their employees.
6. Tax Audit Report Filing: Businesses exceeding a particular turnover (₹1 crore for businesses, ₹50 lakh for occupations) are required to submit a tax inspection Report (Form 3CA/3CB & 3CD) under Section 44AB of the Income Tax Act.
7. Other business specific tax filings: ESI & EPF Returns is used for organizations with employees covered by Employee State Insurance (ESI) and Employee Provident Fund (EPF) schemes.
8. Startup Tax Benefits Filing: Startups that have been recognized by the Startup India scheme are eligible for tax benefits under Section 80-IAC. gsagroups.in
gsagroups is giving the best features for Business tax filing:
1. Legal Compliance and Penalties Avoidance: Ensures business adheres to tax legislation and avoids legal consequences and Late or incorrect filings might result in significant fines and interest charges.
2. Improves businesses reputation: Proper tax filing will boosts businesses reputation among financial institutions, investors, and consumers. which is Important for getting business financing, proposals, and government contracts.
3. Easier Loan and Credit Approvals: Banks and financial institutions require tax returns to verify business income before allowing loans or credit lines. A well-documented tax history improves stability in finances and reputation.
4. Allows for Tax deductions and Benefits: Businesses can deduct expenses like salary, rent, utilities, impairment, and operational costs. It reduces the overall tax burden while increasing profits.
5. Promotes business growth and Expansion: Proper tax filing will facilitates effortless business operations and helps in future financial plannings which makes its easier to enter new markets or expand internationally.
6. Avoids legal issues and tax attention: Regular and exact tax filing decreases the chance of tax authorities performing inspections, inquiries, or charging fines which helps to keep a clean financial record.
7. Easy Tax Refunds and Adjustments: If a company has overpaid taxes, a refund can be obtained quickly and easily excess tax paid can be corrected in future files.
8. Promotes business valuation and investment: Buyers and interested parties examine tax returns in order to evaluate a company’s financial health which helps to determine the fair value of a company for mergers, acquisitions, and partnerships.
9. Allows losses to be carried forward: Companies can carry forward certain losses businesses can carry forward some losses to make up for future earnings, and reducing tax burdens in years to come.
10. Facilitates Global Deals and Compliance: Tax compliance is crucial for international companies who want to conduct foreign operations smoothly which ensures compliance with foreign tax laws and benefits from agreements on taxes. gsagroups.in
Gsagroups will tell who need to file Business tax filing?
1. Sole Proprietorship: A sole proprietorship is taxed like individuals under 60 years old must file an Income Tax Return (ITR-3 or ITR-4) if their total income exceeds the basic exclusion limit of ₹2.5 lakh and If your turnover exceeds ₹2 crore, you must deal with tax inspections.
2. Partnership firms: You must submit an ITR (ITR-5) regardless of profit. Taxed at a 30% flat rate + any relevant fees. A tax inspection is necessary for firms with a turnover above ₹1 crore (non-professional) or ₹50 lakh (professionals).
3. Limited Liability Partnerships (LLPs): It must file ITR-5 annually, irrespective of profit or loss.
Taxed at 30% and fee and Inspections are required when turnover or contribution reaches ₹40 lakh or ₹25 lakh.
4. Private Limited and Public limited companies: Must file ITR-6 then the companies registered under Section 11 file ITR-7). and the Corporate tax rates are 25% for businesses with earnings of up to ₹400 crore 30% for businesses with a turnover over ₹400 crore Additional 4% tax and fee Inspections of taxes are mandatory, and corporations must submit certified financial statements to the Ministry of Corporate Affairs (MCA).
5. Startups and Small Businesses: Startups participating in the Startup India Scheme can claim tax breaks for the first three years, but they must still file returns. MSMEs (Micro, Small, and Medium Enterprises) must meet income tax and GST reporting requirements.
Documents Required for Business tax filing:
1. General Business Documents:
✔ PAN Card of the Business – Mandatory for tax filing.
✔ Business Registration Certificate – Required for companies, LLPs, and registered firms.
✔ GST Registration Certificate (if applicable) – For businesses under GST.
✔ TAN (Tax Deduction and Collection Account Number) – If the business deducts TDS.
2. Financial Statements:
✔ Profit and Loss Statement – To calculate taxable income.
✔ Balance Sheet – Shows assets, liabilities, and financial position.
✔ Cash Flow Statement – If applicable, to track cash transactions.
3. Bank Statements:
✔ Business bank account statements for the financial year.
4. Tax-Related Documents:
✔ Previous Year’s Tax Returns – For reference and continuity.
✔ TDS Certificates (Form 16A, 16B, 16C, 26AS) – If TDS is deducted.
✔ GST Returns (GSTR-1, GSTR-3B, GSTR-9, etc.) – If registered under GST.
✔ Advance Tax Payment Receipts – If applicable.
5. Invoices and Bills:
✔ Sales and purchase invoices.
✔ Expense bills (rent, salaries, utilities, etc.).
✔ Asset purchase invoices (if any).
6. Employee & Payroll Records (For Companies & LLPs):
✔ Salary slips and payroll records.
✔ EPF/ESI contribution details.
7. Inspections Reports:
✔ Tax Inspection Report (Form 3CA/3CB & 3CD) If turnover exceeds tax audit limits.
✔ Real Audit Report For companies. gsagroups.in
