Income Tax Return for Company

Income Tax Return for company Starting from ₹ 4000/-

Filing Income Tax Return for Companies

Filing all necessary Forms

Provide Incorporation Registration of the Company

Drafting documents for registration

Secured and Simple online Process

Helped in getting Digital Signature Certificates

Get Director Identification Numbers

Introduction of Income Tax Return for company

Individuals and a company being a taxpayer are not taxed at the same rate. Direct Taxes are divided as:

Income Tax: This tax is paid by the taxpayers other than companies registered under company Act 2013 in India on the income earned by them. They are taxed on the basis of slabs at different rates.

Corporate Tax: This tax is paid by the corporate registered under company law in India on the net profit that it makes from business. It is taxed at a specific rate as prescribed by the income tax act subject to the changes in the rates every year by the IT department.

Further the companies are also required to get the statutory audit conducted by the auditor appointed by the company each year before the due date.

Legal Window will provide you all the necessary services and legal advice related Income Tax Return filling for Companies and also guide for other compliances. You may get in touch with our team on 072407-51000 or email admin@legalwindow.in for filing your income tax return.

Advantage of ITR Filing for Company

Easy loan processing

Income Tax return filling helps companies in taking loan from various Financial Institutions. Most of the banks and NBFCs ask for ITR receipts from business for latest three year when a business applies for a high-value loan like long term loan or working capital loan. Lenders consider ITR as the most authentic document supporting business turnover and income. Hence, you should regularly file income tax return if you want to take loan in the future.

Allow carry forward losses

Income Tax return filling helps in carry forward the losses occur in previous year from the current year Income. Most businesses face losses in the initial years of the business. The business loss or capital losses can be carried forward up to 8 years if the ITR is filed. But if ITR is not filed, the taxpayer is deprived of this benefit.




Define net worth

The ITR filed with the Government defines the financial worth of a company. Return filling help in tracking the net worth of an entity it shows companies turnover its assets and income the track of ITR shows the financial capacity and also increases the capital base of a person.






Deduction on expenses incurred in setting up of business

Any expenditure incurred by a Company for setting up of business or for extension, is eligible to be amortized and claimed as an expense over a period of five consecutive years beginning from the year in which the business commenced/ expansion of business is completed.


ITR Form

ITR-6: Companies other than companies claiming exemption under section 11 Income from property held for charitable or religious purposes require to file ITR-6. This return has to be filed electronically only.

Documents Required for Income Tax Return for company

Pan card of company

Basic details of all the directors and shareholders

MOA of the Company

Books of Accounts | Financial Statement (Profit or loss Statement and Balance sheet)

Procedure For ITR Filing for Companies

1. Complete the Questionnaire
We will provide a questionnaire which is required to be filled by you in which we will sought the basic details and documents pertaining to the Filing of ITR of the companies

2. Review of the documents
All the documents provided to us and the questionnaire will help us to process further for preparation of books of accounts of the company


3. Filing of Income Tax Return
We will file further send you the provisional statements for your verification and will file your income tax return before the due date and protect you from any penalty after its duly signed by you.

4. Acknowledgement
We will further inform you after filling your Income Tax Return and also provide you the return form and computation.


Additional Information on Income Tax Return for Company

Books of Accounts

To file the company ITR it is mandatory to maintain the necessary books of accounts as prescribed under the Income Tax Act U/s 44AA.

Specified books of accounts to be maintained for companies

As per Rule 6F(2) the following books of accounts and documents are required to be maintained:

  • cash book,
  • Journal, if the accounts are maintained as per mercantile system of accounting,
  • ledger
  • carbon copies of bills, serially numbered and carbon copies or counterfoils of receipts issued in respect of sums exceeding Rs 25,
  • original bills for expenses exceeding Rs. 50 and payment vouchers for petty expenses. However in a case where the cash book maintained by the person contains adequate particulars in respect of the expenditure incurred, then vouchers are not necessary in respect of expenses upto Rs 50.

Due dates for filing Income Tax return

For Taxpayers eligible to get Tax audit: Due date for filing Income tax Return for Taxpayers having turnover more than 1 crore or who do not opt for presumptive taxation for FY 23-24 i.e. AY 24-25 - 30th September 2024

For Taxpayers not eligible to get Tax audit: Due date for filing Income tax Return for Taxpayers having turnover less than 1 crore : 31st October, 2024

Taxpayer can file belated Return up to 31 December 2024 of Assessment year

Penalty for non filing of Income Tax Return

Where a person require to file Income Tax Return u/s 139(1) fails to file the return within prescribed limit u/s 139(1) shall pay with prescribed late fee in case

Return filed up to 31st December of A.Y is ₹5,000.

Return filed after 31st December of A.Y is ₹10,000.

*However if total income of person does not exceed 5 lakh than late fee shall not exceed 1000

Tax Rate Applicable

ParticularsRates
Where it opted for Section 115BA25%
Where it opted for Section 115BAA22%
Where it opted for Section 115BAB15%
Any other domestic company30% however for the assessment year 2023-24 a domestic company would be taxable at 25% rate if turnover or gross receipt of business does not exceed Rs. 400 crore in the previous F.Y.

Surcharge

  • 7% of Tax when net income exceeds Rs 1crore but not exceeding 10 crore rupees
  • 12% of Tax when net income exceeds 10crore
  • 10% in case company opted under section 115BAA and 115BAB

Health and Education Cess

  • 4% of Income Tax + Surcharge

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FAQ's on ITR Filing for Companies

Is there an advantage to always filing a tax return?

There are always many benefits of filing income tax returns. It helps at the time of applying for loan, travelling abroad, buying a high value insurance cover and claiming refund.

Is corporate tax levied on revenue or profit?

A corporate tax is a levy placed on a firm's profit by the government. The money collected from corporate taxes is used for a nation's source of income. A firm's operating earnings are calculated by deducting expenses including the cost of goods sold (COGS) and depreciation from revenues.

Is it requires filing nil return?

Yes corporate do require filling return even if they do not earn any income during the financial year.

Is corporate tax an expense?

Corporate income tax expense is an expense but non-deductible expense. Profit for accounting purposes might be different from the profit for taxation purposes.

In case of foreign company who can sign the ITR-6?

If the company is a foreign company , branch office of a foreign company , non resident company in that case authorized person holding valid power of attorney duly notarized and apostille can sign for ITR-6 with his DSC.

Is balance sheet required for ITR 6?

Yes, if you are filing ITR 6 then you have to enter the details of Profit and loss A/C and Balance sheet in the Format provided in the Income Tax Utility Forms. Normal persons having salary or other sources Income does not have Balance sheet so they are not required to provide the Details of the same.

Why legal window?

Legal window helps you in best possible manner for filling the return you are eligible for. And also advise to the best tax measure through which you can reduce your tax. And file your Return before the due date.

Who ultimately pays corporate income taxes?

When the government levies a tax on a corporation, the corporation is more like a tax collector than a taxpayer. The burden of the tax ultimately falls on people, the owners, customers, or workers of the corporation. Workers and the customers bear much of the burden of the corporate income tax.

Who can sign ITR- 6?

In normal cases the managing director of the company is the signing authority to sign the form electronically. If managing director is not available then any other director of the company authorised can sign the ITR- 6 using his DSC.