Collect and Organize Documents:

Gather all necessary documents mentioned above and ensure they are accurate and up-to-date.

Prepare Financial Statements:

Profit and Loss Account: Summarize revenue and expenses to determine net profit or loss.

Balance Sheet: Compile details of assets, liabilities, and equity.

Determine Total Income:

Calculate the total income from business operations, including all sources of revenue.

Calculate Deductions:

Business Expenses: Deduct allowable business expenses such as salaries, rent, utilities, and depreciation.

Investments: Claim deductions for eligible investments.

Compute Taxable Income:

Total Business Income – Deductions = Net Taxable Income.

Calculate Tax Liability:

Apply the appropriate tax rates to the taxable income.

Consider any TDS already deducted and advance tax payments.

Choose the Correct ITR Form:

Select the appropriate ITR form based on your business structure and income type.

Fill Out the Return Form:

Enter details from financial statements, bank statements, and other documents into the ITR form.

Provide accurate information for income, deductions, and tax paid.

File the Return:

E-file the return through the Income Tax Department’s e-filing portal or use a tax professional if needed.

Choose an appropriate verification method: Aadhaar OTP, Net Banking, or EVC.

Verify the Return:

After filing, verify the return using the chosen method to complete the process.

The return is considered filed only after verification.

Keep Acknowledgment:

Save or print the acknowledgment receipt generated after successful filing. This serves as proof of filing.

Respond to Notices (if any):

Address any notices or queries from the Income Tax Department promptly to avoid penalties or further issues.