Business Income Plan
Who should buy?
Individuals earning salary income from multiple employers
Having income/loss from multiple house properties
Income from other sources such as interest, commission, dividend etc up to any amount
Capital gains/losses on sale of Land/Building
Capital gains on sale of shares, mutual funds, Debt-oriented funds and other securities
Income from business up to Rs.2 crores and Profession up to Rs.50 Lakhs.
Process
Payment of filing fee
Mail documents to support@taxobooks.com.
Team shall go thorugh the same and call/mail back with clarification.
Preparation of draft computation sheet
Filing of return and sending acknowledgement
Documents required( to the extent applicable)
Income tax portal credentials
Mobile No. & Emailid
Bank account number & IFSC
Part A & Part B of form 16
Housing loan statement
For capital gains/losses on sale of land/Building
Date of purchase
Purchase price
Details of registration cost
Inheritance details
Sale value/Stamp duty value
Cost of improvements
Expenses incurred in connection with sale
PAN & Address of the buyers
Details of income from savings bank, Fixed deposits, Dividend income , Commission or any other income
Details of all House Properties such as
Address with Pincode
Rental amount received
Tenant Name
Municipal tax copy
Pan of Co-owner
For capital gains on sale of shares & securities
Capital gains/Profit & Loss statement from Stock broker
For business/Profesisonal income
Turnover details excluding GST
Nature of business or Profession
Trade Receivables, Trade Payables, Cash Balance, Inventory at year end
Related Plans
Salary/HP Plan
₹799.00
Advanced Salary/HP Plan
₹1299.00
Capital Gains Plan
₹3,499.00
Business Income Plan
₹3,999.00
Foreign Income Plan
₹5,999.00
Corporate Plan
₹6,199.00
Income Tax notice handling
₹1099.00
FAQs Related to Business income Plan
Under this scheme if an individual, HUF or partnership firm has turnover or gross receipts from business of not more than Rs,2 crores or has receipts from profession not more than Rs.50 lakhs then they are not required to maintain books of accounts provided they declare income at prescribed rates on turnover/gross receipts. For business the prescribed rate is 6% for digital transactions and 8% for non-digital transactions. For Profession, the prescribed rate is 50%.
You are required to maintain books of accounts and get them audited under Income Tax Act.
Income or loss from futures/options is treated as business income only.
Yes, belated return can be filed before the specified date. However, interest and late filing fee will be applicable and losses if any cannot be carried forward.
Yes. Income Tax department has allowed filing return within 24 months from the end of the assessment year for which the return is not filed. It is however subject to certain conditions.
Depends on the documents made available to us. Once all details are provided, we shall file within 2-3 days.
Yes. Notices received under Sec.143(1) & 139(9) will be attended to without charging any additional fee. For subsequent responses we will charge fee as per normal rates.
