What is Income Tax Return (ITR) Filing?
- Income Tax Return (ITR) Filing
- Income Tax Return (ITR) filing is the annual disclosure of taxable income, deductions, and tax paid by individuals and businesses to the Income Tax Department of India.
ITR Forms for Businesses
ITR-3: Individuals/HUF with business/profession income. ITR-5: Firms, LLPs, AOPs. ITR-6: Companies (other than claiming exemption under Section 11). ITR-7: Trusts, political parties, research institutions. Companies with turnover > ₹1 Cr require a Tax Audit Report (Form 3CA/3CB + 3CD) by a CA before filing.
ITR Filing from ERPNext Data
ERPNext generates the Profit & Loss and Balance Sheet data required for ITR preparation. The Trial Balance exports to the CA for computation of taxable income. Depreciation as per Income Tax (WDV method) can be computed using ERPNext's Finance Book feature, separate from Companies Act (SLM) depreciation.
Infonoxe Technologies specialises in ERPNext implementation and custom software for Indian businesses.
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