Businesses and Freelancers with Non-Tax Audit Income

Filing Income Tax Returns for Businesses with Non-Tax Audit Income involves preparing and submitting tax returns for businesses that do not require a tax audit due to their income levels. This process includes reporting income, expenses, deductions, and credits to ensure compliance with tax laws while optimizing tax outcomes for the business..

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Businesses and Freelancers with Non-Tax Audit Income

About this service

Preparation of Accounts Summary,

P&L and Balance Sheet. Businesses with Annual Turnover or Gross Receipts NOT exceeding INR 1 crore are included. Incomes include salary, Other Incomes and Capital Gains.

Service Includes

  • CA Expert Assisted ITR Filing
  • ITR Preparation by Certified Chartered Accountants
  • Tax Planning And Tax Savings Strategies
  • Suggestions on Best Tax Saving Options
  • Audit Fee and DSC not included
  • Quarterly Advance Tax Services
  • 24x7 Customer Support from CA Experts

Document requirements

  • ITR-3: This form is commonly used for businesses with profits or gains from profession or business.
  • ITR-4: Applicable for businesses opting for the presumptive taxation scheme, declaring a percentage of gross receipts as income.
  • Other ITR forms: Depending on your business structure, there might be other applicable forms. Consult a tax advisor for the most appropriate one.

Form 26AS:

This pre-filled form summarizes your tax information, including Tax Deducted at Source (TDS) by clients or vendors, helping verify your income and tax liability.

Financial Statements:

Include business bank statements, profit and loss statements, and balance sheets for the relevant financial year.

Business Registration Documents:

  • Proprietorships: A copy of your Gewerbeamt registration (Germany) or Business License (US) might be required.
  • Companies: Provide a copy of your Certificate of Incorporation or registration documents.

Additional Documents (Depending on Scenario):

  • TDS certificates issued by clients or vendors (if applicable).
  • Proof of tax payments made during the year (advance tax, self-assessment tax).
  • Records of Income and Expenses: Maintain good records of all business income sources (invoices, contracts) and deductible expenses (rent, travel, equipment) to support your tax deductions.
  • Investment Proofs: If claiming deductions under sections like 80C (investments in specific schemes), provide proof of those investments.

Remember:

This is a general list, and specific requirements might vary depending on your location and business type. For businesses with a turnover exceeding a certain limit (e.g., Rs 1 crore in India), a tax audit report might be mandatory. It's best to consult a tax advisor to determine the exact requirements and ensure a smooth filing process.

Frequently asked questions

Yes, all businesses, regardless of whether they undergo a tax audit or not, are required to file income tax returns if their income exceeds the threshold set by the tax authorities.

The specific form depends on your business structure and income sources. Commonly used forms include ITR-3 for businesses with profits or gains from profession or business, and ITR-4 for businesses opting for the presumptive taxation scheme.

You will need to gather financial statements such as profit and loss statements, balance sheets, and business bank statements for the relevant financial year. Additionally, maintain records of income sources, expenses, and any other relevant documents such as investment proofs.

Yes, businesses with non-tax audit income can claim various tax deductions for expenses incurred in the course of business operations. Common deductions include business expenses such as rent, salaries, utilities, and depreciation of assets.

Failure to file income tax returns can result in penalties, interest charges, and legal consequences. Additionally, non-compliance may lead to scrutiny by tax authorities and potential audits in the future. It's essential to ensure timely and accurate filing to avoid such consequences.
Testimonial

What our clients say

See what our clients have to say about their experience working with us and our team.

Good Services by Mr. Gopal Krishna ji, the entire process of starting from filing the return till refund is completely smooth & seamless. I strongly recommend to try their services once & you never turned back. I have been a happiest & loyal customer since last 5 years. Thank you & keep up the good work in future.

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Rohit Agarwal

5 Star

Good Services by Mr. Gopal Krishna ji, the entire process of starting from filing the return till refund is completely smooth & seamless. I strongly recommend to try their services once & you never turned back. I have been a happiest & loyal customer since last 5 years. Thank you & keep up the good work in future.

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Harisaran panda

5 Star

Its been a few years i have been filing ITR through My ITR online and the experience has always been just the best. I am not jumping on to this conclusion but only after submitting different type of ITR during these years i can confidently say i am completely satisfied by the advice given and overall performance. Look forward for many more years of flawless service !

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Bhuvan Arora

5 Star

I have been dealing with My ITR Online and Gopal Varshney for over a decade now. The firm is highly professional, prompt, efficient and courteous. Its been a pleasure dealing with Gopal and I would highly recommend his services. Keep up the great work !!

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Priya H

5 Star

I am availing services of my itr online and till now it's been wonderful experience. Good job my itr online team !

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vineet sharma

5 Star

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