Proprietorship

Partnership

LLP

Company

Proprietors with business or professional income over Rs.2.5 lakhs must file income tax returns annually

- Taxapillar offers income tax filing services for professionals and proprietors and cost for these services starts at Rs. [unspecified amount]

- It is important for proprietors to comply with income tax regulations to avoid penalties and legal issues

INCOME TAX FILING REQUIREMENTS FOR PROPRIETORS

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All proprietors under the age of sixty are required to file their income tax return if their total income exceeds Rs.2.5 lakhs.

- For proprietors aged between sixty and eighty, income tax filing is mandatory if their total income is more than Rs.3 lakhs.

- Proprietors who are over 80 years of age must file their income tax return when their total income exceeds Rs.5 lakhs.

Income tax rate

For proprietorships is identical to that for individuals.

- Proprietorships are subject to taxation based on slab rates.

- For AY 2019-20, the income tax rates for proprietorship are as follows:

  - If the proprietor's age is under 60,

    - No tax will be imposed for income up to Rs. 2.5 lakhs.

    - For income ranging from Rs. 2.5 lakhs to Rs. 5 lakhs, the tax rate is 5%.

    - For income ranging from Rs. 5 lakhs to Rs. 10 lakhs, the tax rate is 20%.

    - For income exceeding Rs. 10 lakhs, the tax rate is 30%.

Tax audit:

 For proprietorship if total sales turnover is over Rs.1 crore in financial year

- Audit required for professional if total gross receipts exceed Rs.50 lakhs during financial year

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Proprietorship tax return due date:

  - Without audit: 31st July

  - With audit: 30th September

- Income tax return for proprietorships

- Deadline varies based on requirement for audit

- Owners must file tax return on time

Tax return filing for propriertorship

- Proprietorship firms need to file tax returns for assessment year 2017-18

- This relates to income earned in Financial Year 2016-17

- Two forms can be used: ITR-3 or ITR-4-Sugam

- ITR-3 for proprietors or Hindu Undivided Families with proprietary business/profession

- ITR-4-Sugam for proprietors paying income tax under presumptive taxation scheme

Partnership firms (registered or unregistered) must file income tax return with Form ITR 5 annually

- Partnership firms are subject to an income tax rate of 30%

-Taxapillar provides income tax filing services for partnership firms

- Prices for filing start at Rs. (amount not specified)

INCOME TAX FILING REQUIREMENTS FOR Partnership

Partnership firms must file income tax returns every year

- This requirement applies regardless of income or loss

- If there was no business activity, a NIL income tax return must still be filed

- The return must be filed before the due date for the partnership firm

Income tax rate

Partnership firms pay income tax at a rate of 30% on total income

- If total income exceeds Rs.1 crore, a surcharge of 12% on income tax is also payable

- A Health & Education cess at a rate of 4% is applicable on income tax and surcharge amount.

NOTE: - Partnership firms are subject to minimum alternate tax

- Minimum alternate tax is 18.5% of adjusted total income

- The income tax payable by a partnership firm cannot be less than 18.5%

- The tax is increased by income tax surcharge, education cess, and secondary and higher education cess

PARTNERSHIP FIRMS MANDATORILY REQUIRE TAX AUDIT UNDER THESE CONDITIONS:

- Total sales exceeding Rs.1 crore

- Gross receipts exceeding Rs.50 lakhs in profession

- Additional circumstances may necessitate a tax audit for partnership firms.

Partnership tax return due date:

Partnership firms have a due date for filing tax returns

- The due date is July 31 of the assessment year

- Partnership firms that require audited accounts have a different due date

- The due date for audited partnership firms is September 30^th

INCOME TAX RETURN FILING FOR PARTNERSHIP FIRMS

- Partnership firms are mandated to file their income tax return using Form ITR 5

- Please note that Form ITR 5 is attachment-free and does not require any documents or statements to be submitted

- However, it is crucial to maintain and keep all relevant business records

- The tax authorities may request for these records, and it is mandatory to produce them when requested.

LLPs in India are required to submit their Income Tax Return via Form ITR-5 and MCA Annual Return annually. Taxapillar extends compliance management solutions for LLPs to ease their workload. Our comprehensive compliance management services commence from Rs. [price not provided].

INCOME TAX FILING REQUIREMENTS FOR LLP

- LLPs must file income tax return every year

- This requirement applies to all LLPs, regardless of income

- A NIL income tax return must be filed if there was no business activity

- The return must be filed before the due date

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Income tax rate

Income tax rate for LLPs in India is 30% on total income

- Surcharge of 12% is levied on income tax when total income exceeds Rs.1 crore

- Health & Education cess of 4% is applicable on income tax and surcharge for LLPs

- LLP is subject to minimum alternate tax

- Minimum alternate tax rate for LLP is 18.5%

- Income tax payable by LLP cannot be less than 18.5%

- This minimum amount may be increased by surcharges and education cesses.

Tax audit for LLP:

- LLP with turnover exceeding Rs. 40 Lakh or contribution exceeding Rs. 25 Lakh need a tax audit

- Tax audit must be conducted by a practicing Chartered Accountant

- LLPs with international transactions with associated enterprises or certain Domestic Transactions must file Form 3CEB

- Form 3CEB must be certified by a Chartered Accountant

- Deadline for LLP tax filing for those required to file Form 3CEB is 30th November

LLP tax return due date:

Deadline for filing LLP tax return in India is July 31st

- LLPs required to obtain a tax audit have a deadline of September 30th to file their income tax return

Tax return filing for LLP

LLPs are required to submit their income tax return using Form ITR 5, which can be filed only online. Moreover, the digital signature of one of the designated partners of the LLP must be employed for the same.

All types of companies registered in India must file Income Tax Return in Form ITR-6 and MCA Annual Return each year

- Taxapillar offers compliance management services for companies

- Prices starting from Rs. (amount not specified)

INCOME TAX FILING REQUIREMENTS FOR Companies

All registered companies in India must file income tax returns each year

- This applies to all companies, regardless of their income, profit or loss

- Even dormant companies with no transactions must still file an income tax return

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Income tax rate

25% income tax rate for domestic companies with turnover less than Rs. 250 crores in 2016-17

- 30% income tax rate for domestic companies with turnover more than Rs. 250 crores in 2016-17

- Additional surcharge and Health & Education Cess at 4% on income tax and surcharge for all companies

NNOTE: - All companies must pay a Minimum Alternate Tax (MAT)

- MAT is calculated at a rate of 18.5% of book profit

- Surcharges and education cess are added to the MAT amount

- MAT is only applicable if the tax liability of the company is less than 18.5% of book profit

Tax audit for companies

- Companies must have their accounts audited each year

- Audit must be done by a Chartered Accountant

- Audit is required regardless of the company's turnover or profit/loss

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Due date for filing company tax return:

All Indian companies must file their income tax return by September 30th

- Companies incorporated between January to March can file MCA annual return after 18 months in the first year

- This exemption does not apply to income tax return filing

- Companies registered from January to March must also file their income tax return by September 30th of the same year

INCOME TAX RETURN FILING FOR Company

- Companies in India must file a tax return

- Form ITR 6 is required for companies operating for profit

- Private limited companies, limited companies, and one person companies must file Form ITR 6