Business Income Tax Return Filing
✅ Services Covered:
- 📄 Account Summary: Preparation of P&L and Balance Sheet (up to 250 entries per year).
- 💰 Advance Tax Payment: Assistance with 4 advance tax payments.
- 🧾 Expert-Assisted Tax Filing: For business and professionals.
- 💡 Tax Savings & Planning Advice: Get advice on saving and planning your taxes.
- 📋 Documented Follow-Up: Ensuring thorough follow-up.
- ⚠️ Excludes Tax Audit Fees: Tax audit fees are not covered.
🎯 Who Should Buy:
- 🏢 Any business entity required to maintain books of accounts.
- 🧑💼 Small Businesses and Professionals requiring books of accounts.
- 📊 Small businesses requiring Tax Audit, including Derivative & Intraday traders.
📝 How it’s Done:
- 💳 Purchase the Plan: Choose our comprehensive package.
- 📤 Upload Documents: Upload required documents.
- 📄 Financial Statements Preparation: Preparation of financial statements.
- 🧾 Review Computation Sheet: Review your tax computation sheet.
- 📜 Return Filed & Acknowledgement Generated: File your return and generate an acknowledgement.
📄 Documents to be Submitted:
- ✅ Bank statements for the financial year
- ✅ Income and Expense statements
- ✅ Auditor reports
- ✅ Bank statement if interest received is above Rs. 10,000
❓ FAQs:
❓ What is the due date to file business returns?
If a tax audit is applicable, the due date is 30th September, otherwise, it is 31st July.
❓ I am running a business. What is advance tax and when do I need to pay it?
Advance tax is the prepayment of your tax liability in the year it is earned. If the tax liability is more than Rs 10,000 in a financial year, advance tax needs to be paid by the assessee. The due dates are:
- 15th June (15%)
- 15th September (45%)
- 15th December (75%)
- 15th March (100%)
Under this plan, ProKhata experts will help you assess your advance tax liability and assist you in its timely payment.
❓ Can I file a revised return to correct a mistake in the original return filed?
Yes, a return can be revised within a period of one year from the end of the relevant assessment year or before the completion of the assessment, whichever is earlier. Filing of a revised return is not part of the plan. The plan buyer is required to provide full and accurate details to avoid the need for any rectification in the originally filed return.
❓ Am I required to keep a copy of the return filed as proof and for how long?
Yes, under the Income-tax Act, legal proceedings can be initiated up to 4 to 6 years (depending on the case) prior to the current financial year. However, in certain cases, the proceedings can be initiated even after 6 years, hence it is advised to preserve the copy of the return for at least 6 years or as long as possible.
❓ Are Audit and Financial Statements preparation covered in the plan?
Prior to return filing, a summary consolidating all financial transactions is prepared. Day-to-day bookkeeping and audit do not form part of the plan.
