Business Income Tax Return (Premium)
Buy this plan if your business falls under following category
- Business or Professionals requiring to maintain books of accounts (max. 100 transactions per year covered)
- Business requiring to pay advance tax
- Business not covered under Tax Audits
Covers all regular business or professionals (not covered under presumptive income) including free-lancers, self employed professionals requiring to maintain books of accounts but not liable to Income Tax audits.
File your Business tax return with complete handholding and expert CA assisted filing with India Kickstart team.
Quick and Easy Income Tax Return filing (Premium)
India Kickstart packages priced at Rs. 6,499/-*
Our Service offering includes
- Income Source
Income from Business or Professions including Free-lancers requiring to maintain books of accounts and not liable for Tax audits
- Income Tax Filings
Income Tax Return preparation and e-filings with complete professional support
- Half Yearly Accounts
Our CA will maintain half yearly books of accounts of your business with Balance Sheet and P & L preparation ( max. transactions of 100 per year covered)
- Tax Saving
Claiming of routine business expenses, non-cash expenses and depreciation
- CA Assisted Review
Our dedicated expert CA will prepare and review Return filings with complete consultation
- Tax Planning and Investment Consulting
Covers comprehensive Tax planning and investment consulting across the year
- Business Hours Support
Dedicated business hour Phone and Email Support
Income Tax Return Filings for Business or Profession with Accounts
An Individual having taxable Income above Rs.250,000/- for the financial year is required to file Income Tax Return before 31st July of the following year.
Business or professionals requiring maintaining books of accounts and not subject to Tax audit can declare their business income by reporting Net profit from business or profession.
Further details of Income earned from Saving Banks Account, Fixed Deposits, Rental Income from house property and other source income to be disclosed in Tax return.
India Kickstart experts will easily file your Income Tax Returns ensuring accurate computations, timely filings and maximize tax savings.
All your queries on Income Tax Returns and filing worries will be handled by India Kickstart experts at just a click away.
When should I maintain my books of accounts?
If you are engaged in a specified profession, then you need to maintain the books of accounts if your gross receipts exceeds Rs. 1,50,000 in all the three years immediately preceding the previous year or if you are going to start a new business then gross receipts is likely to exceed Rs.1,50,000. Similarly, if you’re running a business and Gross Turnover exceeds Rs.120,000/- in all 3 previous financial year or under current year of starting business accounts needs to be maintained.
Which are the specified profession prescribed ?
Specified profession include profession of legal, medical, engineering, architectural, accountancy, technical, interior decoration, film artists, company secretary, information technology.
Which type of Return form person having Income from Business should file ?
If you are maintaining your books of accounts and/or getting accounts audited then you need to file ITR4 which covers all income of individual, Proprietorship firm having business or Profession. In case of Partnership firms, LLP and Company there are separate forms prescribed.
What are the turnover limits applicable for Tax Audit for Business or profession ?
Generally In case of business, if gross turnover exceeds Rs.2 Crore and In case of profession, if gross receipts exceeds Rs.50 Lacs for the financial year, Income Tax audit is applicable. Audit is also applicable in special instances where Turnover is below the limits prescribed, however Net Profit declared is below the presumptive percentage under Income Tax.
What are the minimum percentage of presumptive income to be declared ?
Under presumptive income, fixed percentage of Turnover/Gross receipts to be declared as Presumptive Income. In case of business, 8% of Turnover/ Gross receipts to be declared as presumptive income, while in case of Turnover/Gross receipts to the extent of collected by account payee cheque/NEFT/Digital banking channels one can declare 6% of Such turnover. In cae of Professionals, 50% of Gross receipts to be declared under Presumptive income.
How India Kickstart team will maintain my accounts under this plan ?
We will maintain Half yearly Accounts of your business by preparation of complete financial statement, Balance sheet and PL account, Cash and Bank Summary as per prescribed data provided by you to India Kickstart. Our team also assist in through-out the year consulting on tax related queries of TDS, Advance Tax, Self assessment tax, Investment and Tax planning etc.
See How It Works
About India Kickstart
Just tell us a little bit about your business and you’ll have the incorporation certificate in 20 working days. It’s that simple. In addition to yours, we’ll be handling around 400 requests this month.
We make your interaction with government as smooth as is possible by doing all the paperwork for you. We will also give you absolute clarity on the process to set realistic expectations.
Our team of experienced business advisors are a phone call away, should you have any queries about the process. But we’ll try to ensure that your doubts are cleared before they even arise.