A business person can file their Income Tax Return (ITR) by following the below steps:
- Gather required information: Collect information such as PAN number, bank account details, TDS certificates (Form 16/16A), details of all incomes earned during the financial year, expenses incurred, and details of tax payments made.
- Choose the correct ITR form: Business persons should choose the correct ITR form based on the nature of their business and type of income earned. For example, ITR-4 is commonly used for businesses with a presumptive income.
- Enter business details: Fill in the business details such as the name of the entity, PAN, GSTIN (if applicable), and the nature of business.
- Declare income: Declare all sources of income earned during the financial year, including business income, salary income, capital gains, and other incomes.
- Claim deductions: Business persons can claim deductions under various sections of the Income Tax Act, such as Section 80C, 80D, and 80G, to reduce their taxable income.
- Verification: After filling in the details, the business person should verify the ITR using an electronic signature, such as an EVC, or by sending a signed physical copy to the IT department.
- Submit the return: Submit the ITR to the IT department either online through the e-filing portal or by sending a physical copy to the IT office.
It is advisable to take the help of a professional or use an online tax filing platform to file ITR for a business, as the process can be complex and time-consuming. Additionally, it is important to keep accurate records of all financial transactions and maintain proper documentation to support the declaration of income and claim of deductions.