Effortless Business Income Tax Return (ITR) Filing with N D Savla & Associates – Mumbai
Navigating business tax returns can be complex. At N D Savla & Associates, Chartered Accountants in Mumbai, we simplify the process with precision, expertise, and local support—whether you’re a startup or an established enterprise.
What Is a Business Tax Return?
A Business Income Tax Return (ITR) is a formal declaration of a company’s income, expenses, and TDS to the Income Tax Department, submitted annually. It reflects your financial health and includes details like fixed assets, loans, debtors/creditors, and profitability.
Who Needs to File Business ITR in India?
According to tax guidelines:
Sole Proprietorships: Mandatory if total income exceeds:
₹2.5 lakh (below 60 years)
₹3 lakh (60–80 years)
₹5 lakh (above 80 years)
Partnership Firms & LLPs: Must file regardless of profit or loss.
Companies: All private, one-person, or public companies must file annually, even if dormant
Which ITR Form Should You Use?
| Business Type | Applicable ITR Form |
|---|---|
| Proprietors (regular) | ITR‑3 |
| Proprietors (presumptive) | ITR‑4 (Sugam) |
| Partnership Firms / LLPs | ITR‑5 |
| Companies (non-charitable) | ITR‑6 |
| Charities / Trusts | ITR‑7 |
ITR‑3: For proprietors with audited or non-presumptive income
ITR‑4: For small businesses under presumptive taxation (Sections 44AD/ADA/AE)
ITR‑5: LLPs, partnership firms, AOPs, etc.
ITR‑6: Companies not claiming charitable exemption
ITR‑7: Trusts, educational institutions, etc.
Filing Deadlines & Penalties
General Deadline: Filing by September 30 is typical for businesses not requiring audit .
Late Fees & Interest:
Interest under Section 234A: 1% per month on unpaid tax .
Late Fee under Section 234F: ₹5,000 (₹1,000 for income below ₹5 lakh) .
Belated Returns: Permitted until December 31 but may restrict loss carry‑forward
Why Choose Us — N D Savla & Associates?
Expert Guidance in Mumbai: Personalised attention from a reputable CA firm ensures accuracy and confidence.
Form Selection & Compliance Made Easy: We’ll pinpoint the correct ITR form for your business structure.
Deadline Management: Avoid penalties and audits with timely submissions.
Audit Support: In-depth assistance if your business requires tax audit.
Transparent & Local: Experience clarity, proximity, and stellar service tailor-made for Mumbai’s business ecosystem.
What Our Clients Say
“N D Savla is serving all professional services … tax refund … very smoothly.”
“Very helpful … ensured everything was handled efficiently.”
Contact N D Savla Now
Complying with business tax laws can feel overwhelming. With N D Savla & Associates, it’s seamless and strategic. Whether you’re a startup or a growing firm, benefit from precise ITR filing, audit readiness, and stress-free compliance.
Contact us today to get started on accurate, reliable, and timely business income tax filings.
F.A.Q.
Business Tax Filing refers to filing Income Tax Returns for businesses such as Proprietorships, Partnership Firms, LLPs, and Companies based on their financial statements and applicable tax laws.
All businesses earning taxable income must file returns, including:
Sole Proprietors
Partnership Firms
LLPs
Private Limited Companies
One Person Companies
Even loss-making businesses may need to file returns to carry forward losses.
Commonly required documents include:
Profit & Loss account
Balance sheet
Bank statements
GST returns
TDS details
Loan statements
Previous year tax returns
Due dates vary depending on whether audit is applicable. Businesses requiring tax audit have extended deadlines compared to non-audit cases.
Tax audit under Section 44AB is required if turnover exceeds prescribed limits or if certain presumptive taxation conditions are not met.
Late filing may result in:
Late filing fees
Interest on outstanding tax
Inability to carry forward losses
Increased scrutiny risk
Yes. A revised return can be filed within the allowed timeframe if errors or omissions are discovered.
