Who is required to file Business ITR?
As per section 139 of the Income Tax Act, 1961, followings need to file business return:
- Companies
- Firm (including LLPs)
- Association of Persons (AOP)
- Body of Individuals (BOI)
- Local Authority
- Artificial Juridical Person and others
The CBDT has notified 3 types of Income-tax return forms. Each return form is applicable according to the status of taxpayer and type of income he earns during the year. As of Assessment Year, there are three forms available from ITR-5, ITR-6 and ITR-7 for filling business return.
