Comprehensive ITR filing for proprietors, partnerships, companies, and professionals.
A business return reports the profit of a proprietorship, partnership, LLP or company along with the proprietor's other income, and it is filed on the strength of books that have to exist before the return can be prepared. Unlike a salaried return there is no Form 16 to copy from: the figures come from the accounts, they have to reconcile with the GST returns already filed and the TDS already credited, and it is the mismatches between those three that decide whether the filing is routine or the start of a scrutiny.
Who this is for
Tax audit management
Profit optimization
Deduction maximisation
GST compliance
Documents you'll need
PAN and Aadhaar
Profit & loss account and balance sheet
Bank statements for all business accounts
GST returns filed during the year
TDS certificates (Form 16A)
Fixed asset and depreciation schedule
The process
What we actually do
1
We reconcile your books against your GST returns first
Turnover in the income tax return and turnover in GSTR-3B are compared by the department automatically. A gap between them is one of the most common triggers for a query, and almost all of them are explainable — an exempt supply, a credit note, a timing difference. We find and document the reason before filing, not after a notice asks.
2
We check the TDS credited to you in 26AS against your ledgers
Customers who deducted TDS on your invoices may not have filed their returns correctly, in which case the credit does not appear and you pay tax twice. Where it is missing, you get the specific quarter and the deductor's TAN, so it can be chased with the person who actually has to fix it.
3
We decide between presumptive and regular taxation
Section 44AD for business and 44ADA for professionals let you declare a fixed percentage of turnover and skip detailed books. That is simpler and often cheaper — but only if your real margin is at or below the presumptive rate. Where it is not, presumptive costs more tax than keeping proper accounts. We compute both.
4
We tell you whether a tax audit is triggered
The threshold depends on turnover and on the proportion of receipts that are digital, and opting out of presumptive taxation triggers an audit of its own for the following five years. This gets checked before it becomes a deadline problem — an audit needs a chartered accountant and lead time, and it is done by the CAs we work with.
5
We prepare the accounts the return has to carry
The profit and loss account, balance sheet, depreciation schedule and partner or director remuneration all go into the return itself. They have to agree with the accounts, with last year's closing figures, and with the ROC filings where a company is involved.
6
We file, verify, and keep the working papers
The return is filed and verified by digital signature or Aadhaar OTP depending on the entity. The computation and reconciliations are kept, because when a query arrives eighteen months later the position has to be defended with what was actually done at the time.
Who this is for
Proprietors, whether the business is registered or run on the proprietor's own PAN
Partnership firms and LLPs, which must file regardless of profit or loss
Private limited companies, which must file even in a year with no activity at all
Professionals — doctors, architects, consultants — declaring under presumptive taxation or on regular books
Traders and e-commerce sellers whose GST turnover has to reconcile with the income declared
Anyone whose turnover has crossed the tax audit threshold and now needs the audit before the return
How long it takes
Seven to ten working days where books are complete and reconciled. Where they are not — a year of unrecorded bank transactions, or GST returns that were filed on estimates — the bookkeeping has to be finished first, and that is what governs the timeline rather than the return. An audit case needs longer still, because the CA's report has to be filed before the return.
If you do nothing
A company or LLP that stops filing does not quietly disappear — it accumulates penalties under both the Income-tax Act and the Companies Act, and directors become disqualified after three consecutive years of default. For a proprietor, the more likely sequence is a notice built from GST data and 26AS, assessing income the department has estimated from the outside. Defending an estimate is far harder than filing a return would have been.
The law, in figures
Dates, thresholds and sections
Every figure below carries the provision it comes from, so it can be checked.
What
Figure
Source
Filing due date, non-audit business cases
31 July following the financial year
Section 139(1), Income-tax Act 1961
Filing due date, audit cases
31 October following the financial year
Section 139(1), Explanation 2
Tax audit threshold, business
₹1 crore turnover, raised to ₹10 crore where cash receipts and payments are each under 5%
Section 44AB read with the 2021 amendment
Presumptive taxation limit, business
₹2 crore, extended to ₹3 crore where cash receipts stay under 5%
Section 44AD
Presumptive taxation limit, professionals
₹50 lakh, extended to ₹75 lakh on the same cash condition
Section 44ADA
What usually goes wrong
Declaring a turnover in the income tax return that does not match the GST returns already filed for the same year
Treating drawings from a proprietorship as an expense — they are not deductible, and this is one of the first things a query asks about
Missing the section 43B rule that statutory dues are deductible only when actually paid, not when provided for
Paying a partner remuneration higher than the section 40(b) limit allows, so the excess is disallowed
Opting into presumptive taxation in a loss year, which locks the declared profit at the presumptive rate anyway
Leaving cash sales unrecorded, which shows up as a bank-to-turnover gap the moment anyone looks
What non-compliance costs
Late filing fee of ₹5,000 under section 234F
Interest at 1% per month on unpaid tax under section 234A, plus 234B and 234C interest on advance tax shortfalls
Failure to get accounts audited where required: 0.5% of turnover, capped at ₹1,50,000, under section 271B
Business losses and unabsorbed depreciation cannot be carried forward if the return is filed late
These are statutory amounts, not our fees. What we charge depends on your situation and is quoted before any work starts.
Common questions
I freelance. How is my tax different from a salaried person's?
You pay advance tax yourself in four instalments, because no employer is deducting it for you, and you can deduct genuine business expenses against your income. If your gross receipts are under ₹75 lakh you can use the presumptive scheme under section 44ADA and declare 50% of receipts as profit without maintaining detailed books. Missing the advance tax instalments is the single most common and most expensive mistake freelancers make, because the interest is charged per instalment.
An ITR is the annual statement of income, deductions and tax paid that a taxpayer files with the Income Tax Department, normally by 31 July for individuals who are not subject to audit.
