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What is a Business Income Tax Return?
A Business Income Tax Return is a statement filed with the Income Tax Department showing your business’s income, expenses, and taxes paid for a financial year.
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Is filing a business income tax return mandatory?
Yes, filing is mandatory for all businesses including proprietorships, partnerships, LLPs, and companies, regardless of profit or loss.
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Which ITR form should a business file?
The applicable ITR form depends on your business type — Proprietors use ITR-3 or ITR-4, Partnerships and LLPs use ITR-5, and Companies use ITR-6.
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What is the due date for filing a business income tax return?
For FY 2024–25, the due date is 31st July 2025 for non-audit cases, 31st October 2025 for audit cases, and 30th November 2025 for transfer pricing cases.
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What happens if I miss the due date for filing ITR?
You can file a belated return before 31st December 2025, but a late fee under Section 234F and interest may apply.
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Can I revise my income tax return after submission?
Yes, a return can be revised before 31st December 2025 if any mistake or omission is found in the originally filed return.
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Do businesses with no income still need to file ITR?
Yes, even if a business has no income or operations, it must file a return to stay compliant with the Income Tax Act.
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Is audit compulsory for all businesses?
No, audit is mandatory only if the business turnover exceeds the limit prescribed under Section 44AB (₹1 crore for regular business and ₹10 crore if cash transactions are less than 5%).
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Can ITR be filed without a digital signature?
Yes, proprietors and small firms can file using Aadhaar-based OTP verification, but companies and LLPs must use a digital signature.
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What documents are needed for filing a business ITR?
You’ll need PAN, Aadhaar, bank statements, financial statements, GST details, and TDS certificates for the relevant year.
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What is the penalty for late filing of ITR?
The late filing penalty can be up to ₹5,000 if filed after the due date but before 31st December, and ₹10,000 for further delays.
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Can I claim a refund through my business ITR?
Yes, if excess tax has been deducted or paid, it can be claimed as a refund directly through your filed return.
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What is presumptive taxation for businesses?
Presumptive taxation under Sections 44AD, 44ADA, and 44AE allows eligible small businesses and professionals to pay tax on a fixed percentage of turnover instead of maintaining detailed books.
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Can a business file ITR online?
Yes, all businesses can file ITR online through the Income Tax e-filing portal or with the help of professionals like Ebizfiling.
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How can I verify my filed ITR?
You can verify your ITR using Aadhaar OTP, bank account verification, or a digital signature certificate within 30 days of filing.
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What if there is a mismatch in TDS details?
In case of a mismatch, you should reconcile your Form 26AS with TDS certificates and request the deductor to correct it before filing.
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Can a business carry forward losses if ITR is filed late?
No, losses (except those under house property) cannot be carried forward if the ITR is filed after the due date.
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Is GST registration necessary before filing business ITR?
No, GST registration and ITR filing are separate compliances, but businesses with GST must report their GST turnover in the ITR.
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Can a startup claim deductions while filing ITR?
Yes, eligible startups registered with DPIIT can claim tax deductions under Section 80-IAC if approved by the Department.
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Why should I choose Ebizfiling for business ITR filing?
Ebizfiling provides expert guidance, accurate computation, and timely filing support, ensuring your business remains fully compliant and stress-free during tax season.