Taxation-Income Tax – TDS & Returns (Turnover 1 Crore to 5 Crore)

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Taxation in India, particularly concerning income tax, TDS (Tax Deducted at Source), and filing returns, is a crucial aspect for businesses falling within the turnover bracket of 1 crore to 5 crores.

For businesses in this turnover range, compliance with income tax regulations is paramount. Income tax is levied on the profits earned by the business after considering allowable deductions and exemptions. It’s essential for businesses to accurately calculate their taxable income and pay taxes accordingly.

TDS, or Tax Deducted at Source, is a mechanism through which the government collects taxes at the source of income. For businesses in this turnover range, compliance with TDS provisions is necessary when making certain payments such as salaries, contractor payments, rent, etc. Failure to comply with TDS provisions can lead to penalties and legal repercussions.

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Income tax is a crucial aspect of financial management for businesses with turnovers ranging from 1 crore to 5 crores. Here’s a breakdown of taxation, including TDS (Tax Deducted at Source) and filing returns for businesses within this turnover bracket:

  1. Income Tax: Businesses falling in this turnover range are subject to income tax based on their taxable income. The taxable income is calculated by deducting allowable expenses and deductions from the total income earned during the financial year. The income tax rates applicable to businesses vary based on their legal structure, such as sole proprietorship, partnership, or company.
  2. Tax Deducted at Source (TDS): TDS is a mechanism by which the government collects tax at the source of income generation. Businesses in this turnover bracket are required to deduct TDS while making certain payments like salaries, rent, consultancy fees, etc., if the payment exceeds specified thresholds. TDS rates and thresholds vary based on the nature of payment and the status of the payee.
  3. TDS Return Filing: Businesses are required to file TDS returns periodically, typically on a quarterly basis. These returns detail the TDS deducted and deposited with the government during the respective period. The due dates for filing TDS returns are prescribed by the Income Tax Department and vary based on the quarter.
  4. Income Tax Return (ITR) Filing: Every business is required to file an income tax return annually. The due date for filing ITR depends on the type of entity and may fall on or before the specified date, usually on or before the end of the assessment year. Businesses need to file their returns accurately, disclosing all income sources, deductions, and taxes paid during the financial year.
  5. Compliance and Documentation: Maintaining proper documentation and complying with tax regulations are essential for businesses in this turnover bracket. It includes keeping records of income, expenses, deductions, invoices, receipts, and other financial documents. Non-compliance or inaccuracies in tax filings can lead to penalties and legal consequences.
  6. Tax Planning: Businesses should engage in tax planning to optimize their tax liabilities legally. This involves utilizing available deductions, exemptions, and incentives provided under the tax laws. Proper tax planning can help minimize tax burdens and maximize profits.
  7. Seeking Professional Assistance: Given the complexity of tax laws and compliance requirements, businesses may benefit from seeking professional assistance from chartered accountants or tax consultants. These professionals can provide guidance on tax planning, compliance, and help in accurately filing tax returns.

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