Every business needs to file income tax returns in order to report its income and expenditure to the income tax department. All businesses, operating in India, have to file income tax returns every year. It’s interesting to know that the tax return for companies is much more complicated than the procedure for individual taxpayers. What is a Business Tax Returns? A business tax returns is a statement of income earned and expenditure of the business. Suppose, if a company earns some profits, then it is liable to pay certain tax to the government over those profits. The tax return filed by company should also have details on assets and liabilities a business has. Requirements for filing Business Tax Returns The various types of businesses are: Proprietorship: A sole proprietorship also referred to as a sole trader or a proprietorship, is an unincorporated business that has just one owner who pays personal income tax on profits earned from the business. A sole proprietorship is...