Business Income Tax Return in India
A Business Income Tax Return is filed by individuals, firms, or companies earning income through business activities. It reports income, expenses, and taxes owed, and is filed annually under the Income Tax Act, 1961.
Key Points:
- ITR-3: For individuals and HUFs with business income.
- ITR-4: For businesses opting for the Presumptive Taxation Scheme.
- Business returns must include details of revenue, deductions, and net profit, and are essential for compliance and accurate tax calculation. The due date for filing is typically 30th September for businesses.