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ITR Filing-Businessman

ITR filing for businessperson is mandatory by which a business report its income and expenditure to the IT dept. Every business, no matter what the size is, must file income tax return every year. The income tax paid by Salaried person is different from the income tax paid by the businessman. If a business earns profits in the business, the company must provide tax on the profits earned. Tax depends on the type of business you are holding whether it is proprietorship, partnership firm, limited liability partnership or a private limited company. Any business which has turnover lower than Rs 2 crore can selected to be taxed assumedly by the Income Tax Department. However, all companies who are registered in India must file income tax returns each year, irrespective of their income, profit or loss, even those with no transactions.

The return filing must also consist of business assets and liabilities details. Fixed assets, debtors and business creditors, taken loans and loans which were given, all must be declared in the filing of business Income tax returns. The flat 30% tax rate is applicable for the domestic companies. In cases where income is more than 1 crore, then there is an additional surcharge of 12%.

Benefits

  • ITR filing helps in applying for loans from financial institutions as this is the only proof of your income.
  • ITR filing can help in forwarding the losses caused in the current financial year to next 8 consecutive years.
  • ITR filing provides easy go for visa process required by embassies.
  • ITR is mandatory to claim TDS for businessman every year.

Information required for ITR Filing

  • 1. PAN
  • 2. Aadhar Card
  • 3. All Bank Account No & IFSC
  • 4. Form-16/Form-16A
  • 5. Any Other Source of Income
  • 6. Amount of Investment/Deductions
  • 7. Bank Statement
  • 8. Mobile No & Email Id

Documents required for ITR Filing-Businessman

  1. Mobile No and Email Address.
  2. PAN of Applicant. along with any One Address Proof (Voter ID, Passport, Driving License, Aadhaar).
  3. Bank Account details – Bank Statement For Respective F.Y. or Bank Passbook Copy.
  4. Life Insurance- Like LIC, etc.
  5. Mediclaim.
  6. Tution Fees of Children.
  7. Rent of Residence Address.
  8. Fixed Assets Details.
  9. All Loan Schedule

FAQ

1What is LPP?

The LPP stands for Limited Liability Partnership it is a better version of a general partnership firm. It is governed by limited liability partnership act 2008.

2 What are the minimum required partners to start LPP?

Minimun 2 Partners are required to start a LPP. There are no limit on the mximum number of in a LPP.

3How much investment is required to start a LPP?

Unilike a private ltd company no minimum capital required to start a LPP.

4 What is the legal proof of LPP Firm?

A legal proof of LPP is certificate incorporation as well as LPP agreement.

5 What is LPP agreement.?

LPP agreement is similar to a partnership deed where all the rights, liabilities and share of profit and loss are mentioned/drafted.

6Can I name my LLP whatever I want?

Name allotment as desired by you is wholly a discretionary power of ROC. Normally ROC is allot your desired business name if it is unique and not resemblinding with any existing company/LPP.

7 Is DSC required for LPP firm?

Yes, DSC of an authorised director is required while in corporating an LPP.

8 Do you provide this service in my town?

Yes, Charted Help is an online platform serving all over india no matter wherever you are doing your business all you need is internet connection on your mobile or desktop and we are ready to get your done.

9 Do i need to physically present to for the process?

No, You don't need to be a physically present for the process.E-startupindia is an online catering platform all you need is internet connection in your phone/desktop and required document with and we can get the job done no matters even you are present at remotest location of the india.