ITR filing: How to file Income Tax Returns for business?
Updated : July 23, 2019 02:25 PM IST
Apart from filing taxes, a business may also be required to file TDS or pay advance tax as the need be. Tax returns filed by a business also will have details on assets and liabilities a business has.
Businesses need to use Sugam ITR-4 for Income Tax return if they have opted for the presumptive income scheme as per section 44AD and Section 44AE of the Income Tax Act.
An Income Tax audit has several objectives. It ensures that all businesses maintain a proper book of accounts and other expense and revenue records in a proper manner.