A proprietorship firm would require an audit if the total sales turnover is over Rs.1 crore during the financial year. In the case of a professional, an audit would be required if total gross receipts are more than Rs.50 lakhs during the financial year under assessment.

The income tax return of a proprietorship that doesn't require audit is due on July 31. If the return needs to be audited as per the Income Tax Act, it is due on September 30. Ideally, it is important to file on or before income tax return filing last date for business.

Proprietorship firms would be required to file Form ITR-3 or Form ITR-4-Sugam. Form ITR-3 can be filed by a proprietor or a Hindu Undivided Family carrying out a proprietary business or profession. Form ITR-4-Sugam can be filed by a proprietor who wants to pay income tax under the presumptive taxation scheme.

All partnership firms are required to file income tax returns each year, irrespective of income or loss. If there was no business activity, a NIL income tax return must be filed before the due date for a partnership firm.

Partnership firms must pay income tax at 30% of total income. In addition to the income tax, a partnership firm is liable to pay an income tax surcharge on the amount of income tax at the rate of 12% when total income exceeds Rs.1 crores. In addition to the income tax and taxation, a partnership firm must pay a Health and education cess. Health & Education Cess is applicable on the amount of income tax and the appropriate surcharge at 4%.

Similar to income tax applicable for a company, partnership firms are subject to minimum alternate Tax. A minimum alternate tax of 18.5% of adjusted total income is applicable. Hence, income tax payable by a partnership firm's profits cannot be less than 18.5 percent (increased by income tax surcharge, education cess, and secondary and higher education cess).

Partnership firms carrying on business with total sales of over Rs.1 crore are required to obtain tax audits. Similarly, partnership firms carrying on a profession wherein gross receipts exceed Rs.50 lakhs in the previous year are required to obtain tax audits. In addition, other applicable conditions could make an audit mandatory for a partnership firm.

Most partnership firms' income tax return due date is July 31 of the assessment year. Partnership firms required to get their accounts audited under the Income Tax Act must file the income tax return before the September 30 business tax return filing deadline.

Partnership firms are required to file income tax returns in form ITR 5. Like all other income tax forms, ITR 5 is an attachment-less form, and there is no requirement for submitting any documents or statements along with a partnership firm tax return. However, the taxpayer must save all records about the business and produce the same before tax authorities when requested.

The income tax rate applicable for LLP registered in India is 30% of the total income. In addition to the income tax, a surcharge is levied on the income tax payable at 12% when the total income exceeds Rs.1 crore. In addition to the income tax surcharge, a Health and education cess at 4% applies to the income tax and surcharge of an LLP.

Similar to income tax applicable for a company, LLP is also subject to minimum alternate Tax. A minimum alternate tax of 18.5% of adjusted total income is applicable for LLP. Hence, income tax payable by LLP cannot be less than 18.5 percent (increased by income tax surcharge, education cess, and secondary and higher education cess).

LLP whose turnover exceeded Rs. 40 Lakh or whose contribution exceeded Rs. 25 Lakh are required to get their accounts audited by a practicing Chartered Accountant. In addition, LLPs that entered into an international transaction with associated enterprises or undertook certain Specified Domestic Transactions must file Form 3CEB. Form 3CEB must be certified by a Chartered Accountant. LLPs required to file Business income ITR Form 3CEB have November 30 as the deadline for LLP tax filing.

The deadline for LLP tax filing in India is July 31. LLPs required to obtain a tax audit have September 30 as the business tax return filing deadline.

LLPs must file income tax returns using Form ITR 5. Form ITR 5 must be filed online using the digital signature of one of the designated partners of the LLP.

All companies registered in India must do business tax return filing yearly, irrespective of income, profit, or loss. Hence, even dormant companies with no transactions are required to file income tax returns each year.

For Assessment Year 2024-25, the Income tax rate of 25% of total income is applicable for domestic companies with a total turnover of less than Rs.400 crores in 2020-21. For companies with a turnover of more than Rs.400 crores in the year 2020-21, an income tax rate of 30% is applicable. In addition to the income tax, companies must pay a surcharge and Health and Education Cess at 7% income tax and surcharge.

All companies are required to pay a minimum alternate tax at the rate of 15% of book profit plus surcharge and education cess if the company's tax liability is less than 15% of book profit.

A company's accounts must be audited each year by a Chartered Accountant, irrespective of turnover or profit/loss.

All companies registered in India are required to file income tax returns on or before September 30. Companies incorporated between January - March can file MCA annual returns after 18 months in the first year. However, the same type of exemption is not available under the Income Tax Act. Hence, even companies registered from January - to March must file income tax returns on or before September 30 of the same calendar year.