Who called it July and not ITR filing month, right? Come this month, everyone from salaried individuals to small businesses starts calling their Chartered Accountants and friends to help file Income Tax Returns (ITR).

We prepared a comprehensive checklist of all the documents and information you need to take the ITR filing bull by the horns. So, bookmark this page or download the PDF version of the below documents checklist to file hassle-free ITR this year.

ITR Filing

ITR Filing

 

Hope this checklist helped you and provided an exhaustive list of documents and information required for filing ITR successfully for your business. Go ahead and share it with someone you think will benefit from this.

Also, if you own a business, you might want to check out RazorpayX. It helps manage your business banking operations seamlessly, in just a few clicks.

About RazorpayX

RazorpayX was born out of the need to deliver merchants the best business banking experience. It reimagines how businesses manage money flows and simplifies banking for Founders, CXOs, Chartered Accountants, and finance professionals.

RazorpayX is a full stack banking suite that provides end-to-end automation with powerful features like 

  • Automated Accounting, OTP management, Maker-Checker Flows
  • Corporate Cards with 20X higher limits
  • Forex & Funding Management
  • Automated Vendor Payments
  • Employee Payroll – India’s ONLY payroll with full compliance automation, employee Insurance management and TDS filing

 Sign up today and experience the business banking of the future.

 

FAQs

Which ITR is filed for business income?

For income earned from business or profession, an individual must file ITR using either ITR-3 or ITR-4 as applicable. ITR 3 is applicable if you fall under this category - an individual or HUF (Hindu Undivided Family) engaged in any business or profession. ITR 4 is applicable for you if you are a resident individual or HUF or a firm which is not LLP (Limited Liability Partnership) having a total income of up to Rs. 50 Lakhs.

What are the documents required for ITR filing for business?

GST no. if registered under GST, Profit and loss statement for the period of 1st April 2021 to 31st March 2022, Balance sheet as on March 31, 2022, Bank statements of the year, fixed asset addition, and fixed asset sale during the year, and more. Please read the above checklist in the blog for full documents list.

Do companies file ITR?

All companies in India need to file their income tax returns, whether they have undertaken business activities in that financial year or not. Partnership firms also must file a NIL income tax return before the ITR filing due date. Companies that are dormant and have undertaken no business decisions in a year are still expected to file returns.

    Liked this article? Subscribe to our weekly newsletter for more.


    Alish Gill
    Author Alish Gill

    Alish is a writer at RazorpayX. Zoophilist. Coffee Addict. And now a FinTech enthusiast. When not writing you'll find her learning French, taking a long walk (or run) with her dog, or Netflixing.

    Write A Comment