The income tax return is collected by the department of Income tax, in India. By filing an income tax, taxpayers
disclose their income and earnings to the department of income tax. An income tax return is a process by which the
disclosure of income to a person is possible.
An ITR-3 form under the income tax act uses to file the income tax return by a person, businessperson, or a Hindu
undivided family whose income is from a proprietary business.
Legal24by7 helps the person in filing their business
income tax return.
Income tax is the mandatory tax for an individual from his income. It comes under the obligation of the income tax
regime. Generally, taxes on income earned are payable in the same financial year as they are accrued in advance tax,
but the information about the income and the tax liability is provided in the income tax return.
All the companies are registered under the companies act 2013 which is earlier known as the companies act 1956.
These companies can file their income tax return by filing the ITR-6 form. Charitable and religious organizations do
not come to this list of ITR-6.
1. Claiming an Income tax refund
Filing the income tax, the taxpayer has the right to get tax deductions, TDS, and other benefits, etc. also, it’s a
social and moral duty of every citizen to file income tax.
2. Ease in getting loans and insurance
File income tax returns allow the taxpayer capital base and financial capacity of an applicant. It helps in the
track of taxpayer income and financial worth that easy to get a loan and other incentives as well.
3. Carry forward the losses
During the initial years of a business, most businesses experience losses. If the ITR is filed, the business loss or
capital loss can be carried forward for up to 8 years. A loss can also be adjusted against future income,
lowering taxable income in the future. Taxpayers without ITRs are deprived of this benefit.
4. Defining financial worth
ITRs are submitted to the government to determine a taxpayer's financial worth. ITRs show a person's
financial capacity as well as increasing their capital base. Hence, income and financial worth are determined
by the previous ITRs. To determine the capacity of the business, investors and institutions await returns filed
by the business.
1. Title of the invention
2. PAN
3. Form-16
4. TDS certificates
5. Interest certificates from Post Offices & Banks
6. Form 26AS
7. Tax-Savings Investment Proofs
8. Home Loan statement from NBFC/Bank
9. Capital Gains
10. Aadhar Card
1. Package Selection
The process starts with the selection of a package according to your choice, afterwards, our expert team will
connect you for assistance.
2. Information Gathering process
In this step, we will collect the information related to the required form and documentation needs from
taxpayers manually.
3. ITR calculation
We will analyze and calculate the payable tax according to the information provided by the applicant or
taxpayer.
4. ITR receipt and acknowledgment
In the last stage, we will submit the ITR-3 form through the online portal. We will share the acknowledgment
and receipt.
Legal24by7 is here to make everything easy for you. If you have any doubts about how to start with the procedure,
we are here to resolve this confusion for you. We will enlighten you about what are the different criteria you must
fulfill & what is the best possible way you can do everything smoothly. For convenient Income Tax Filing for Business
Person, we have a team of highly skilled professionals and a large network of people who can assist you with every
service that you will need.
Hindu Undivided Families, Firms, Associations of Persons, Bodies of Individuals, Local Authorities, and Artificial Judicial Persons cannot file the ITR-4 form.
30 th September is the last date in a given financial year for filing the income tax to the businesses.
Companies come under the ITR4 norms and also, and they cannot claim any exemption under section 11.
Yes, by the latest government announcement, all taxpayers and business units are required to present their Aadhar numbers when filing their income tax returns. The taxpayers are required to link their PAN numbers with their Aadhar numbers, and they will be considered invalid for filing tax returns without doing so.
If the relevant assessment year has not expired or is not processing by the department, the return can be revised u/s 139(5) before it is processed by the department. By uploading the revised return, the assessee can amend his ITR if he forgot to disclose any income or claim any deduction, or wants to change the particulars of the original return.
There are different income tax slabs for people below 60 years, seniors in their 60s to 80s, and super seniors over 80 years. The rates vary based on these categories. Income up to Rs. 2.5 lacs – NIL Income between Rs. 2.5 – 5 lacs – 5% Income between Rs. 5 – 10 lacs – 20% Income more than Rs. 10 lacs – 30%
Without knowing the perfect knowledge about income tax, it may become a tough job for an individual or taxpayer. Legal24by7 has a team who has experts in this field and knowledge of GST, income tax, and other related matters. They make the work easy for our host.
