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ITR Filing for AoP / BoI / Other Entities
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Explore various pricing plans
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ITR-1 @ Rs. 699/-
- Salary Income
- Rent Income From One Property
- Interest Income etc.
Price includes free consultation
Fill inquiry form below to pay later
ITR-2 @ Rs. 1099/-
- Salary Income
- Rent Income From Properties
- Capital Gains or Losses
Price includes free consultation
Fill inquiry form below to pay later
ITR-3 @ Rs. 1999/-
- All Income Covered in ITR-2
- Income From Business or Profession
- Interest Income etc.
- Income or Loss From Intraday Share Trading
- Income or Loss From Derivatives (F&O)
- Director/Patner in a Company/LLP
Price includes free consultation
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ITR-4 @ Rs. 1499/-
- Salary Income
- Rent Income From Propeties
- Professional Receipts up to Rs. 50 Lacs
- Businesses Covered under Presumptive Taxation
Price includes free consultation
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Income Tax Returns
An Overview
ITR stands for Income Tax Return, the same is filed every year under the Income Tax Act. It is filed through the applicable Income Tax Forms out of the seven prescribed Form (ITR 1 to ITR 7).
AoP, BoI, and other entities generally file their ITRs using Form ITR-5. This form is specifically designed for entities like partnerships, associations, and other artificial juridical persons.
Fiscalnow files Income Tax Return for individuals by adhereing to each and every legal requiremets of Income Tax Laws. You can completely rely on us to file your income tax returns. For that, you will just have to provide us with the necessary documents.
Is It Mandatory?
Yes, filing Income Tax Returns (ITR) is mandatory for Associations of Persons (AoP), Bodies of Individuals (BoI), and other entities in India under certain circumstances. The requirement to file ITR for these entities depends on their income, nature of activities, and other factors as specified by the Income Tax Act, 1961.
Here are the general guidelines regarding the mandatory filing of ITR for AoP, BoI, and other entities:
- Mandatory ITR Filing:
- If the entity’s total income exceeds the basic exemption limit (currently INR 2.5 lakh) in a financial year, it is mandatory to file an ITR.
- Entities registered under specific sections of the Income Tax Act, such as Section 10(23C) or Section 12A, may be required to file ITRs regardless of their income level.
- Voluntary ITR Filing:
- Even if the entity’s income is below the basic exemption limit, filing ITR may be advisable to maintain transparency, comply with tax regulations, and establish a clear financial record.
It’s important to note that the specific circumstances and regulations governing ITR filing for AoP, BoI, and other entities can vary. The entity’s structure, activities, and applicable tax laws should be considered to determine the exact requirements.
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Information / Documents Required
When filing Income Tax Returns (ITR) for Associations of Persons (AoP), Bodies of Individuals (BoI), and other entities in India, the following information and documents are typically required:
- Basic Information:
- Name and address of the entity (AoP, BoI, or other entity).
- Permanent Account Number (PAN) of the entity.
- Date of formation or incorporation of the entity.
- Details of partners or members of the entity, including their names, addresses, and PANs.
- Financial Statements:
- Income and Expenditure Statement: Prepare a statement that shows the entity’s income and expenses during the financial year.
- Balance Sheet: Prepare a balance sheet that provides a snapshot of the entity’s financial position, including assets, liabilities, and capital.
- Income Details:
- Report all sources of income earned by the entity, such as business income, professional income, rental income, interest income, capital gains, etc.
- Specify the nature of income and provide supporting documents, such as bank statements, invoices, rental agreements, interest certificates, etc.
- Expenditure Details:
- Maintain records of all expenses incurred by the entity, categorized by nature and purpose.
- Specify the nature of expenses, such as salaries, rent, office expenses, depreciation, professional fees, etc.
- Tax Exemptions and Deductions:
- Determine and claim applicable tax exemptions and deductions available to the entity under the Income Tax Act.
- Provide supporting documents, such as investment proofs, receipts, certificates, etc., to substantiate the claims.
- Tax Payments:
- Report any tax payments made by the entity, including advance tax, self-assessment tax, or tax deducted at source (TDS).
- Audit Report (if applicable):
- Entities meeting certain criteria, such as specific turnover or professional receipts thresholds, are required to get their accounts audited by a chartered accountant. Obtain the audit report as per the applicable provisions of the Income Tax Act.
- Bank Account Details:
- Furnish details of the entity’s bank accounts, including account numbers and IFSC codes.
Due Date
Generally, the due date for filing of an Income Tax Return is 31st July of finacial year. However, if an assessee is a partner in a LLP or Partnership Firm which is subject to tax audit under the Income Tax Laws then due date in such case would be 31st October.
Note – Considering various factors, goverment may extend the due date of filing an Income Tax Return. However, we suggest not to wait for the extensions and get your ITR filed by us on time.
Benefits
Filing ITR is a legal obligation for entities like AoP, BoI, and others, depending on their income, activities, and other factors as per the provisions of the Income Tax Act, 1961. By fulfilling this requirement, entities ensure compliance with tax regulations, avoiding penalties or legal consequences for non-compliance.
Filing ITR allows entities to claim tax exemptions and deductions available under the Income Tax Act. This helps in reducing the taxable income and overall tax liability of the entity. It enables the entity to take advantage of various deductions, such as those for business expenses, charitable contributions, or specific industry-related benefits.
In case an entity incurs a loss during a financial year, filing ITR allows for the carry forward of such losses. These losses can be set off against future profits, reducing the tax liability in subsequent years.
Filing ITR helps entities establish clear financial records, showcasing their income, expenses, and financial position. This documentation is valuable for various purposes, including internal financial management, audits, legal compliance, obtaining loans, attracting investors, or entering into business partnerships.
Regularly filing ITR enhances the credibility and trustworthiness of an entity. It demonstrates financial transparency and compliance with tax regulations. This can be advantageous in business dealings, collaborations, fundraising efforts, and building a positive reputation in the market.
Many financial institutions, such as banks and lending agencies, require ITRs as proof of income and financial stability when availing financial services like loans, credit facilities, or opening bank accounts. Filing ITR ensures that entities have the necessary documentation to access such services.
Filed ITRs serve as valid income proofs for various government-related transactions. It may be required for participating in government tenders, applying for licenses or permits, or fulfilling other regulatory requirements.
Timely and accurate ITR filing reduces the chances of scrutiny and inquiries from tax authorities. It helps avoid penalties, interest charges, and unnecessary disruptions to the operations of the entity.
