We must explain to you how all seds this mistakens idea denouncing pleasures and praising account.
Every business—whether you’re a sole proprietor, partnership, LLP, or private limited company—must file an Income Tax Return (ITR) once a year, summarising total turnover, profits, taxes paid, and eligible deductions. This process, known simply as Business ITR Filing, fulfils section 139 of the Income-tax Act, 1961, and creates an official snapshot of your financial health for the government, lenders, and investors alike.
Timely filing isn’t just a formality; it’s the passport to smoother audits, quicker GST refunds, seamless bank loans, and future fund-raising rounds. Under the latest CBDT circular, non-audit businesses now have until 15 September 2025, while entities whose books require audit enjoy a final deadline of 31 October 2025—miss these dates and late-filing fees (up to ₹5,000) plus daily interest on unpaid tax kick in.
Accurate ITRs also help you carry forward losses for eight assessment years, claim TDS/TCS refunds locked in Form 26AS, and prove income when bidding for government tenders or applying for overseas visas. Most importantly, a clean filing history keeps the dreaded scrutiny notices away and lets you focus on scaling your venture instead of juggling compliance headaches.
CallmyCA blends automation with human expertise: you upload documents once, chat with a qualified CA on WhatsApp, and receive an acknowledgement (ITR-V or the e-verified confirmation) within 48 hours—no jargon, no paperwork marathons, just effortless compliance designed for busy founders.
Filing ITR on time helps avoid penalties under Section 234F and other sections of the Income Tax Act.
A timely ITR builds the trust of investors, lenders, and financial institutions—especially if you plan to grow or seek funding.
Almost all banks ask for at least 2-3 years of ITR for business loan or overdraft approvals.
You can set off business losses and carry them forward for up to 8 years—only if you file your ITR on time.
If your turnover crosses ₹1 crore (or ₹10 crore in certain digital transaction cases), audit is mandatory—ITR filing becomes critical.
Business ITRs serve as legal and financial proof that your enterprise is up and running.
Maximise your eligible deductions under various sections like 35AD, 80JJAA, and depreciation claims under Section 32.
A properly filed ITR syncs with your GST returns, ensuring lesser tax scrutiny and fewer notices.
Government and corporate tenders often require ITRs of the last 3 years as part of eligibility.
Any individual or entity running a business — whether as a freelancer, shop owner, service provider, partnership, LLP, or company — must file ITR if their income exceeds the basic exemption limit or if it's mandatory by law (even in loss).
You may have to pay a late fee up to ?5,000 under Section 234F. You may also lose the benefit to carry forward losses and may face scrutiny from the tax department.
Technically yes, but it’s risky. Business ITR involves multiple sections, books of accounts, and disclosures. A mistake can lead to penalty or rejection. It's best to consult a CA.
Generally, for businesses requiring an audit, the deadline is 31st October; for others, it is 15th September unless extended by the government.
ITR-3: For individuals/HUFs with income from business or profession
ITR-4: For presumptive income (under Sec 44AD, 44ADA, 44AE)
ITR-5: For Partnership Firms, LLPs, AOPs
ITR-6: For Companies (other than those claiming exemption under Section 11)
If your business turnover exceeds ?1 crore (or ?10 crore for digital transactions), audit under Section 44AB is mandatory. Also, professionals earning over ?50 lakhs need an audit.
Yes, expenses like rent, salaries, electricity bills, internet, and depreciation can be claimed to reduce taxable profit.
Yes, data mismatch between GST returns and ITR may trigger notices. We ensure reconciliation between both to avoid any issues.
Yes, filing a nil return is important to maintain compliance, especially if you want to carry forward losses or maintain loan/tender eligibility.
We take care of everything — document collection, review, computation, form selection, filing, and post-filing support. Our expert CAs ensure 100% accuracy and timely compliance.
Call-My-CA - Copyright 2025. All Rights Reserved || Design & Developed by CWL Technology Pvt. Ltd.
