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Does my small business need to file a tax return?

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lizzylin:
I am a small business owner and have been developing my company for the past year. Because I left my previous job to start this business I do not have a current income and because my company only recently officially "opened for business" we do not have a profit line. Do I need to file? What about the business expenses that I incur?

Clarke87:
It is not necessory to return tax for small business...you can easily work

JustinC:
A business tax return is nothing but a statement of income earned and expenditure of the business. If the business posts some profits, tax needs to be paid on the profits. Apart from filing taxes, a business may also be required to file TDS or pay advance tax as the need be.

In short, you need to file tax return. The moment you do business and there is exchange of money, you are supposed to file tax returns.

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