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Business Income Return

A business tax return is nothing but a statement of income earned and expenditure of the business. If the business posts some profits, tax needs to be paid on the profits. Apart from filing taxes, a business may also be required to file TDS or pay advance tax as the need be. Tax returns filed by a business also will have details on assets and liabilities a business has.
Filing business tax returns is essentially the process by which a business has to report its income and expenditure to the Income Tax department. All businesses that are operating in India, whether small or big have to file Income Tax returns every year

. WHY Business Income Return .

It makes you responsible

Filing returns is a sign that you are responsible. Not just that, it also makes it easier for individuals and businesses to enter into subsequent transactions.

Income Proof

Business Income Return serves as a valid proof that you have a legal income which is being accounted for. It help in future for various purposes.


It is an important document, must produce at the time of availing a loan, as it reflects your financial discipline as well as shows your capacity to repay a loan.


For Business Income
  • Copy of PAN Card of entity
  • Copy of Adhaar of applicants
  • Copy of Bank Statements
  • Copy of Investment and expenses proof
  • ITR-4 need to file, if income from business or profession.
  • Sole proprietor having income from business, salary or other, need to file ITR-4 subject to prescribed limit
  • Individuals, HUF, and Firms running businesses or providing services can offer their income to tax on a presumptive basis.
  • Minimum of 8% of the turnover has to be offered as income under presumptive basis for businesses.
  • The penalty for non-filing of returns- Any loss incurred during the year cannot be carried forward if the return is filed after due date.
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