Applying for Business Tax Returns: Types of Business Tax Returns, Business Taxes

Starting a business and understanding the difficulties involved in filling out returns is an important aspect of doing business.

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11min

1. What is a business tax return?

Business tax return is basically a return on income tax. A refund is a statement of income and expenses of the business. Also, any tax payable on profits made by you is declared in this benefit. The tax return also contains details of assets and liabilities held by the business. Factors such as fixed assets, creditors and business debtors, loans and loans are provided herein.

Frequently Asked Questions

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What are the deadlines for submission of refunds?

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For those who are not responsible for tax audit, the deadline for submission is 31 August after the end of the financial year (Reduced return can be completed by 31 March subject to penalties) For persons responsible for tax audit and all other tests such as company, LLP or firm jointly, the deadline is 30 September after the end of the financial year. For FY 2017-18, this deadline has been extended from 30 September 2018 to 31 October 2018. Non-payment of refunds - Any losses incurred during the year will not be processed further if the refund is completed after the due date for the return of the income tax return. And a fine of Rs. 5000 under section 271F may be charged by the inspector.


CEO Krishna Gopal

Krishna Gopal Varshney is a Chartered Accountant by profession & entrepreneur by passion. He is the co-founder & CEO of Myitronline.com. Myitronline is amongst the top emerging startups of Asia and authorized ERI by the Income Tax Department. A dedicated and tireless Expert Service Provider for the clients seeking tax filing assistance and all other essential requirements associated with Business/Professional establishment. Connect to us and let us give the Best Support to make you a Success. ”

Krishna Gopal Varshney
Co-founder & CEO