Indian tax basics

# Indian tax basics

This is a starting point for a business in India. It doesn't give tax advice. Ask a chartered accountant about your own return. Due dates and forms change most years, so check incometax.gov.in and gst.gov.in.

The financial year

The financial year runs from 1 April to 31 March. Income for a financial year is filed in the next assessment year. A year labelled 2026-27, for example, runs from April 2026 to March 2027.

Which return form

The form depends on the type of business and whether you use the presumptive scheme. Confirm the form on incometax.gov.in each year.

• Individual or sole proprietor with business income: ITR-3. If you use the presumptive scheme (sections 44AD, 44ADA or 44AE), ITR-4 usually applies.
• Partnership firm or LLP: ITR-5.
• Company: ITR-6, unless it claims an exemption that needs another form.

Due dates differ by form and by whether an audit is required. Check them each year.

Advance tax

If the tax you expect to owe for the year is ₹10,000 or more, you pay advance tax in instalments during the year. The usual due dates are 15 June, 15 September, 15 December and 15 March. The cumulative amounts due by those dates are 15, 45, 75 and 100 percent of the expected tax. Presumptive taxpayers may pay the full amount by 15 March.

What Pop Books does

• Keeps the books that the return is based on, with each account matched to a tax line.
• Shows the GST summary for the period (see in-gst).

Pop Books does not calculate advance tax or file income tax returns for you yet. Filing as an e-return intermediary (ERI) needs approval that the product does not have. TDS is covered in in-tds.