Business Tax Return Filing

IN INDIA EVERY BUSINESSMAN HAVE TO FILE THEIR BUSINESS TAX RETURN TO DECLAIR THEIR STATEMENT OF INCOME EARNED AND LOSSES BEAR IN BUSINESS AND DETAILS OF ALL ASSETS AND LIABILITIES OF THE BUSINESS DURING RELEVANT PERIOD TO THE INCOME TAX DEPARTMENT.

THIS BUSINESS RETURN CONTAINS THE ITEM OF BUSINESS SUCH AS:-

  1. FIXED ASSETS
  2. CURRENT ASSETS
  3. DEBTORS
  4. CREDITORS
  5. ACCOUNT PAYABLE AND RECEIVABLE
  6. LONG TERM DEBT
  7. SHORT TERM DEBTS
  8. LOANS AND ADVANCES, ETC.

THIS IS A MANDATORY RETURN AND FAILING TO FILE THIS RETURN BY THE BUSINESS ATTRACT PENALTY OR FINE.

THIS IS TYPICALLY A TYPE OF INCOME TAX RETURN AND ALSO INCLUDES THE AMOUNT WHICH IS PAID ON THE PROFIT AS A TAX BY THE BUSINESSMAN ALREADY.

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