Business & Partnership Tax Return
ITR-3, ITR-4 and ITR-5, with the books behind them.
A business return is a different exercise from a salaried one: it starts with finalising the books, not with a Form 16. Depreciation under the Income Tax Act runs on its own schedule and rates, separate from what the accounts show.
For a firm, partner remuneration and interest have to sit inside the section 40(b) limits or they are disallowed — a common and expensive oversight.
Presumptive taxation under 44AD or 44ADA is often the cheaper answer for a small business, and we will say so where it applies.
What is included
- Books finalised and the trial balance reviewed
- Depreciation computed under the Income Tax Act
- Section 40(b) check on partner remuneration and interest
- ITR-3, ITR-4 or ITR-5 filed and verified
What we need from you
- Books of account or accounting software access
- Bank statements for the year
- Partnership deed or LLP agreement
- Fixed asset register and purchase invoices
Questions
What is presumptive taxation under 44AD?
You declare 8% of turnover as profit — 6% on digital receipts — and skip maintaining detailed books and the tax audit. It is available up to ₹2 crore turnover, ₹3 crore where cash receipts stay under 5%.
Also in Income tax
Talk to us
Get started with Business & Partnership Tax Return
Tell us a little about the business and a chartered accountant will call you back. You will get a firm quote before any work begins.
- A qualified accountant on the call, not a call centre
- A firm quote before any work begins
- Your details are never sold or shared