Comprehensive Income Tax Returns for Businesses and Professionals
Extensive support to identify tax risks, tax opportunities, tax savings and tax compliances. For successful businesses and professionals like you, to help you grow, expand and nurture your work.
Plan Description
We understand your needs as a successful business, being in the same boat as you. This elite plan for businesses and professionals offers the most comprehensive documentation and corporate tax risk prevention methodologies available. We even help you prepare your Balance sheet and P&L statements.
Who is this Plan for?
This plan caters to the special requirements of:
- Businesses that must maintain books of account and/ or submit audit reports.
- Businesses who must pay advance taxes and file TDS returns.
- Professionals required to maintain books of account and/ or submit audit reports.
- Professionals required to pay advance taxes.
What Do I Get?
- Call-back from a tax expert and advice on documents to be submitted.
- Tax scrutiny and double checking for discrepancies in figures.
- Validation by a professional CA.
- Identification and Computation of tax liability.
- Preparation of summary sheet.
- E-filing of income tax return.
Why Choose Us?
- You get the benefits of comparative advantage obtained through specialization.
- Obtain top-of-the-line tech-enabled tax preparation services from one of the leading government certified e-return intermediaries in the country.
- Unmatched affordability across the industry.
- Highly experienced tax experts dedicated to your success.
How to Proceed?
- Sign up with us or call our Toll-Free number. We’ll create a record of your tax implications.
- Buy one of our subscriptions based on your tax profile.
- Receive a call back from the CA assigned to you.
- Depending on your completed profile you would be asked to submit documents to enable the CA to process your returns, apply deductions, income tax slabs, and tax exemptions or help in preparing Balance sheets and P&L statements.
- The tax expert prepares your return, verifies it with you and submits it to the tax department.
FAQ
What tax rates apply to businesses and professionals now?
Tax rates for businesses and professionals depend on the taxpayer type, turnover, chosen regime, audit status, and applicable provisions for the current assessment year. For FY 2025-26 (AY 2026-27), the key rates for domestic companies are:
- 25% for domestic companies whose total turnover or gross receipts did not exceed Rs. 400 crore in the relevant earlier previous year; 30% for other domestic companies (plus applicable surcharge and 4% health and education cess).
- 22% under Section 115BAA (an effective rate of 25.17% including 10% surcharge and cess) for domestic companies that opt out of specified deductions and incentives. Such companies are also exempt from MAT.
- 15% under Section 115BAB (an effective rate of 17.16%) for new domestic manufacturing companies that opted for the section and commenced manufacturing on or before 31 March 2024. The option window has closed for new entrants, but companies that opted in continue at this rate.
For individuals, HUFs and firms using presumptive taxation: Section 44AD covers eligible businesses with turnover up to Rs. 2 crore (Rs. 3 crore where at least 95% of receipts are through digital/banking channels), and Section 44ADA covers specified professionals with gross receipts up to Rs. 50 lakh (Rs. 75 lakh with the same 95% digital-receipts condition).
Health and education cess, surcharge, and special-rate income are checked case by case. Our experts review the correct rate, advance tax, and return form before filing.
What constitutes income for a business?
According to the Income Tax Act, 1961, companies or businesses or professions have the following
sources of income:
- Profits and Gains from the Business & Profession;
- Capital Gains;
- Earnings from House Property;
- Earnings from other sources like interest, lotteries and so on.
The income calculated is adjusted as per section 79, set off and carry forward of losses are deducted and total gross income is determined. Deductions under Chapter VI-A are made from the total gross income to arrive at net income. The computed value of net income is chargeable to income tax.
How are dividends taxed now?
Dividend Distribution Tax (DDT) was abolished with effect from FY 2020-21 (1 April 2020). Companies no longer pay tax on distributed dividends; instead, dividends are taxed in the hands of shareholders at their applicable slab or other applicable rates. Companies deduct TDS under Section 194, generally at 10%, on dividend payments above the prescribed threshold in a financial year.
What taxes are levied on Long Term Capital Gains?
For transfers on or after 23 July 2024, long-term capital gains on listed equity shares and equity-oriented mutual funds are taxed at 12.5% under Section 112A on gains exceeding Rs. 1.25 lakh in a financial year. Other long-term capital gains (for example, on property, gold or unlisted shares) are taxed at 12.5% without indexation under Section 112. Assets qualify as long term after 12 months for listed securities and 24 months for other capital assets. Our experts classify gains and apply the applicable current rate, exemptions, and surcharge and cess while preparing the return.
What is Minimum Alternate Tax?
Minimum Alternate Tax (MAT) applies at 15% of book profit (plus surcharge and cess) when the tax payable by a company under normal provisions is lower than that amount. Companies that opt for the concessional regimes under Section 115BAA or Section 115BAB are exempt from MAT. Applicability should be checked against current law while filing.
