A business tax return is an income tax return. The return is a statement of income and expense of the business. Moreover, any tax to be settled on the profits gained by you is revealed during this return. The return also includes aspects of the assets and responsibilities owned by the business. Details like fixed assets, debtors and creditors of the business, loans were taken, and loans were provided are declared here.
TYPES OF ITR FORM
ITR-1: For Individuals being a Resident (other than Not Ordinarily Resident) having Total Income up to Rs.50 lakhs, having Income from Salaries, One House Property, Other Sources (Interest, etc.), and Agricultural Income up to Rs.5 thousand(Not for an individual who is either Director in a company or has invested in Unlisted Equity Shares).
ITR-2: For Individuals and HUFs do not have income from profits and gains of business or profession.
ITR-3: For individuals and HUFs having income from profits and gains of business or profession
ITR-4: For Individuals, HUFs, and Firms (other than LLP) being a Resident having Total Income upto Rs.50 lakhs and having income from Business and Profession which is computed under sections 44AD, 44ADA or 44AE
ITR-5: For persons other than Individual, HUF, Company (Partnership Firm, Aop / Boi)
ITR-6: For Companies other than companies claiming exemption under section 11
ITR-7: This form is relevant for all people who are required to file tax returns under the Section 139(4A), Section 139(4B), Section 139(4C), Section 139(4D), Section 139 (4E), or 139 (4F) that mainly includes Trust, University, etc.
Due Dates For Filing Income Tax Returns :