Business Income Tax Returns

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  • ITR-4
  • Small Business Having Turnover Below 100 Lakh.



all inclusive fees

  • ITR-5


Income Tax Return is the form in which assesses files information about his Income and tax thereon to Income Tax Department. Various forms for “assessee carrying on business or profession” are ITR 3, ITR 4, ITR-5, ITR-6 & ITR-7. These returns should be filed before the specified due date. Every Income Tax Return Form is applicable to a certain section of the assesses. It is therefore imperative to know which particular form is appropriate in each case. Income Tax Return Forms vary depending on the criteria of the source of income of assesses and the category of the assessees. At Tax Shooter, we help you at every step with our end to end solutions. Contact us today to know more.

Benefits of Filing ITR

  • Use as address proof: ITR receipt sent to your registered address can be used as residential proof.
  • Easy bank loan documentation process: Income tax return makes it easier for banks to assess your source of income when you apply for loans like an auto loan, home loan etc.
  • Compensation of losses in the next financial year: Without ITR filing, you cannot compensate your losses of previous financial year in next financial year.



You are required to fill the details in our simple online questionnaire and submit documents.


Our Authorized representative will call you after receiving your request and will inform you about procedure and required documents


You are supposed to submit all the required documents and we will file income tax return with the Income Tax Department on your behalf


Your Income Tax return along with acknowledgment will be provided to you via email and courier.

Frequently Asked Questions

As per section 44AB, following persons are compulsorily required to get their accounts audited:
  1. A person carrying on business, if his total sales, turnover or gross receipts (as the case may be) in business for the year exceed or exceeds Rs. 1 crore. This provision is not applicable to the person, who opts for presumptive taxation scheme under section 44AD and his total sales or turnover does not exceeds Rs. 2 crores.
  2. A person carrying on profession, if his gross receipts in profession for the year exceed Rs. 50 lakhs.
  3. A person who is eligible to opt for the presumptive taxation scheme of section 44AD/44ADA/44AE but claims the profits or gains for such business to be lower than the profits and gains computed as per the presumptive taxation scheme of section 44AD/ 44ADA/44AE and his income exceeds the amount which is not chargeable to tax.
  4. If an eligible assessee opts out of the presumptive taxation scheme, after specified period, he cannot choose to revert back to the presumptive taxation scheme for a period of five assessment years thereafter.
Generally last date for business income tax return is 31st July of assessment year (next immediate financial year) but in case of business requiring audit, due date is 30th September of assessment year. In case of transfer pricing (international transactions) due date is 30th November of assessment year.
Return of income which has not been furnished on or before the due date specified under section 139(1) is called belated return. Belated return of income is furnished under section 139(4).
Any person who has not furnished a return of income within the time period allowed under section 139(1) or within the time period allowed under a notice issued under section 142(1), may furnish return for any previous year
(i) at any time before the end of the relevant assessment year
(ii) before completion of the assessment, whichever is earlier.
However, a belated return attracts late filing fees under section 234F. As per section 234F, late filing fees of Rs. 5000 shall be payable if return furnished after due date specified under section 139(1) but before 31st December of the assessment year. In other cases, late filing fees of Rs. 10,000 is payable. However amount of late filing fees to be paid cannot exceed Rs. 1000 if the total income of the person does not exceed Rs. 5lakhs.
Yes, the residential status of a person earning income is very much relevant for determining the taxability of such income in his hands.
Taxability of any income in the hands of a person depends on the following two aspects:
  1. Residential status of the person as per the Income-tax Law
  2. Nature of income earned by him.
Hence, residential status plays an important role in determining the taxability of the income
For the purpose of Income-tax Law, an individual can have any one of the following residential status:
  1. Resident and ordinarily resident in India (also known as resident)
  2. Resident but not ordinarily resident in India
  3. Non-resident
Every year the residential status of the taxpayer is to be determined by applying the provisions of the Income-tax Law prescribed in this regard and hence it may be happen that in one year the individual would be a resident and ordinarily resident and in the next year he may become non-resident or resident but not ordinarily resident and again in the next year his status may change or may remain same.

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