“The due date for filing returns for FY 2017-18 for businesses requiring tax audit and for companies has been further extended from 15 October 2018 to 31 October 2018.
However, there is no extension of date for payment of taxes. Therefore, non payment before 30 September 2018 can result in interest under Section 234A.”
What is a business tax return?
A business tax return is basically an income tax return. The return is a statement of income and expenditure of the business. Also, any tax to be paid on the profits made by you is declared in this return. The return also contains details of the assets and liabilities held by the business. Items like fixed assets, debtors and creditors of business, loans taken and loans were given are declared here.
- If you are a sole proprietor your business income and your other personal income like salary, income from house property and interest income have to be stated on the same return.
- If your total income before deductions is above the basic taxable limit you need to compulsorily file your income tax return irrespective of profit or loss in your business.
- The basic taxable limit is Rs. 2.5 lakh. So, if your income before deductions is above Rs 2.5 lakh you need to file your business tax return.
- For companies, firms and Limited Liability Partnership (LLP) a business tax return has to be filed irrespective of profit or loss. Even if there are no operations undertaken, a return has to be filed.
- Companies, firms, and LLPs are taxed at a rate of 30%.