ITR Filing for Business Income: Expert Assistance

The due date for filing business returns depends on the type of business and tax audit requirements. For businesses that need to undergo a tax audit, the due date is typically 30th September of the assessment year. However, this can vary depending on specific circumstances. TaxBuddy will guide you through the process and notify you of important deadlines.

Advance tax is a method of paying tax in advance on your estimated income for the year. If your total tax liability exceeds ₹10,000, you must pay advance tax in installments. TaxBuddy calculates your advance tax due based on your income and provides reminders so you don’t miss any payments.

Yes, you can file a revised return if there’s a mistake in the original filing. The Income Tax Act allows taxpayers to correct any errors by filing a revised return under section 139(5). TaxBuddy makes the revision process easy, and our experts will assist you in ensuring accuracy in the revised filing.

Yes, our business ITR filing plan includes the preparation of financial statements and Profit & Loss Statements. However, tax audit fees are not included. If your business requires an audit, these fees will be additional.

TaxBuddy ensures timely filing to avoid penalties. However, if you miss the filing deadline, penalties as per the Income Tax Act will apply. The penalty can range from ₹5,000 to ₹10,000, depending on how late the filing is. In case of a belated return, interest under Section 234A will also apply.

The ITR form you need depends on your business structure and income sources. TaxBuddy helps you select the correct form based on your income, whether you are a sole proprietor, a partnership firm, or a company. Our experts ensure that you are using the right form for a smooth filing process.

Yes, incorrect reporting of income can lead to penalties under sections like Section 270A of the Income Tax Act. This can include fines up to 50% of the understated income. TaxBuddy’s experts review your return thoroughly to minimize any such risks and ensure accuracy.

Yes, you can claim deductions for legitimate business expenses, such as office rent, salaries, marketing expenses, etc. TaxBuddy helps ensure that you claim the maximum deductions available under the law, optimizing your tax savings.

If you have made investments in the National Pension Scheme (NPS) or purchased life insurance policies, you can claim deductions under Section 80C and Section 80CCD. TaxBuddy will help you ensure that all eligible deductions are claimed while filing your ITR.

Yes, it’s essential to keep a copy of your ITR acknowledgment for your records. You should also keep all supporting documents, such as bank statements and income proof, in case of a future audit by the Income Tax Department.

While you can file your ITR on your own, it’s advisable to use TaxBuddy’s expert assistance, especially if you have complex business income or multiple sources of income. Our experts ensure that you comply with all tax laws and optimize your return.

A tax audit is required if your business turnover exceeds ₹1 crore (₹5 crore for businesses with a cashless transaction turnover). It ensures that your books of accounts are correct and compliant with tax laws. TaxBuddy helps you with both the tax filing and audit compliance process, if necessary.

Yes, TaxBuddy provides specialized NRI tax filing services. Whether you’re an NRI with income in India or need to file taxes related to property, capital gains, or other sources, we offer expert assistance to make the process easy and efficient.

You cannot file an Income Tax Return (ITR) without a PAN card, as it’s mandatory to quote your PAN in the return. If you don’t have a PAN card, you can apply for one through the Income Tax Department or via TaxBuddy’s assistance.

If you receive a tax notice, TaxBuddy offers post-filing support. Our experts will help you respond to the notice and provide necessary documentation. We ensure that you address any issues raised by the Income Tax Department and resolve them promptly.