Get the Tata Capital App to apply for Loans & manage your account. Download Now

Blogs SUPPORT
Loans For You
Loans for Business
Investment
Insurance
Apply

Quick Links for loans

Quick Links for Insurance

Investment

Offers Quick Pay
Back

Equipment Finance

Avail Digital Equipment Loans
up to Rs. 1 Crore

  • Attractive ROIs
  • Customizable Loan tenure
Know More
Back

Equipment Leasing

Avail Leasing solutions
for all asset classes

  • Up to 100% financing
  • No additional collateral required
Know More
Back

New Commercial Vehicle Financing

  • First time user
  • Retail and strategic Clients
Know More
Back

Used Commercial Vehicle finance

  • Repurchase
  • Refinance
  • Top up
  • Balance Transfer
Know More
Menu  
 
Apply Now

Tata Capital > Blog > Loan for Business > How to file Income Tax Return for Small Business in India

Loan for Business

How to file Income Tax Return for Small Business in India

How to file Income Tax Return for Small Business in India

If you own a business, you must be diligent about filing your income tax returns (ITR) and paying your corporation tax (online, if needed) to stay tax compliant. In the ITR form, you must furnish information regarding the income earned during the previous year. It includes the tax calculated upon that income for the income tax department to review.

Owners of small businesses also need to file for income tax return under ITR 4, i.e. individuals with presumptive income from a business or a profession. The Presumptive Taxation Scheme, as per Section 44AD, Section 44 DA and Section 44AE of the Income Tax Act, is a program which has been designed to reduce accounting requirements of some individuals and small business owners. Under the scheme, small business owners can simply apply a certain percentage to their revenue which becomes their taxable business income.

Additional Read – What Are Tax Benefits Available For Small Business in India?

How to file Income Tax Return

You can fill the ITR form for your company either online or offline, depending on which mode you are eligible for.

Offline eligibility criteria –

  1. The individual is 80 years of age or above
  2. The income of the individual is not more than Rs. 5 lakhs
  3. Individuals who do not have to claim a refund in the ITR

You can either submit a physical paper form or you can furnish a bar-coded return if you want to declare income from business ITR form offline.

To file your ITR online, you can either,

a) Furnish the return electronically under digital signature, or

b) Transmit the data electronically and then submit the verification of the return.

In case you opt for the first method, an acknowledgement will be sent to your registered email ID. You can also download it manually from the IT Department’s website. Following that, you should sign it and send it to the tax department’s CPC office within 120 days of filing.

More about Presumptive Taxation Scheme

The main purpose of this scheme is to give small businesses in India a provision for their income to be assumed based on gross receipts. As a small business owner, you may not have enough resources to maintain proper accounting information and could face difficulty in calculating your profit or loss. In that situation, it can become difficult to keep track of your income and filing for a business ITR becomes challenging.

Additional Read – Tax Saving Tips for Small Businesses

In this scheme, tax is paid on an estimated basis that is, your net income is estimated to be 8% of the gross receipts of your business. Under this scheme, you do not have to maintain books of accounts, nor do you have to pay your taxes in quarterly instalments. However, you are not allowed to deduct your business expenses from this income.

If you want to finance your small business, find easy business loans at Tata Capital. Contact us for attractive business loan interest rates and customisable financing options today.

Give Your Business the Right Boost: Apply for a Business Loan Today

Apply now
Popular Searches
business idea udyogini scheme hsn code full form low investment business ideas top 10 most successful businesses to start transport business import export business in india mineral water plant cost collateral free loans
Disclaimer

Most Viewed Blogs

Trending Blogs

Calculator

Personal Loan EMI Calculator

Personal Loan EMI Calculator
Home Loan EMI Calculator

Home Loan EMI Calculator
Business Loan EMI Calculator

Business Loan EMI Calculator
Used Car Loan EMI Calculator

Used Car Loan EMI Calculator
Two Wheeler Loan EMI Calculator

Two Wheeler Loan EMI Calculator
Loan Against Securities Calculator

Loan Against Securities Calculator
Loan Against Property Calculator

Loan Against Property Calculator
More Tools
Our Subsidiaries
Our Other Websites

Important Information

Investor Information

Visit us on:,Visit us on: www.tatacapitalmoneyfy.com,www.tatacapitalmoneyfy.com

Our Private Equity Funds

Amalgamated Companies

Top Branches
Most Important Terms & Conditions - Home Loans

Download in your preferred language

Download

Policies, Codes & Other Documents

Most Important Terms & Conditions - Home Loans

Download in your preferred language

Download

Tata Capital Solutions & Services

Uh oh, something went wrong

Please try again later.