Table of Contents
Do Startups need to pay tax?
The government has exempted the tax being levied on investments above the fair market value in eligible startups. Also, the investments made by incubators above fair market value is exempt.
Which ITR form to fill for no income?
Which ITR Form to File when filing Income Tax Return?
| Form | Applicability | Business Income |
|---|---|---|
| ITR 1 | Resident Indian individuals and HUFs | No |
| ITR 2 | HUFs and individuals | No |
| ITR 3 | Partner in a firm, HUF, or individuals | Yes |
| ITR 4 | Firm, HUF, or individual | Only for business income that is presumptive |
Is it mandatory to file ITR for business income?
If your total income before deductions is above the basic taxable limit you need to compulsorily file your income tax return irrespective of profit or loss in your business. The basic taxable limit is Rs. 2.5 lakh. So, if your income before deductions is above Rs 2.5 lakh you need to file your business tax return.
Do you need to register your startup?
Is it mandatory to register a company before starting a business in India? The answer is no! Registering a company is not the only way to start a business in India. The simplest way to start your own business is to acquire any tax license, like service tax registration.
How are startups taxed?
Most of your startup expenses are treated as capital costs for tax purposes. The IRS considers them long-term assets—you’re investing in the future of your business. As assets, generally you must depreciate them rather than deduct their cost in the year they’re purchased.
Is filing return mandatory?
One has to file an ITR in case aggregate of all his income exceeds the basic exemption limit. All those who are below 60 years have to pay tax only if their taxable income exceeds Rs. 2.50 lakhs. Those over 60 but below 80 enjoy exemption upto Rs.
Is it mandatory to file an itr in India?
In India, it is mandatory for individuals to file ITR in case they fall under the below mentioned categories: In case the gross income of the individual is more than the details mentioned in the table below: In case individuals wish to receive a refund from the Income Tax Department. In case individuals wish to apply for a loan or a visa.
How to file income tax returns (ITR) online?
A taxpayer can file the ITR online on the e-portal of the income tax department. The process of filing ITR online is referred to as e-filing. The following article will explain important aspects of e-filing Income Tax Returns. How to file ITR online? Who is required to file ITR? What are the income tax slabs for FY 2018-19?
How do I download and install the appropriate ITR utility?
Download the Appropriate ITR utility under ‘Downloads > IT Return Preparation Software’. Extract the downloaded utility ZIP file and Open the Utility from the extracted folder. (For more information and prerequisites, refer the ‘Read me’ document).
What are the different types of ITR forms?
Depending on the type of income that individuals make, they can either opt for ITR-1, ITR-2, ITR-3, ITR-4, and ITR-7. The Income Tax Returns can be a file on the official website of the Income Tax Department (https://www.incometaxindiaefiling.gov.in/home) and the process to file the returns is simple. FAQs on Types of ITR Forms