Income Tax Return Filing for Companies
- 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
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Introduction
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.
Advantage Of ITR Filing For Company
ITR Form
Documents Required
- 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 Filing ITR
1. Complete the Questionnaire
2. Review of the documents
3. Filing of Income Tax Return
4. Acknowledgement
Additional Information
Books of Accounts
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 22-23 i.e. AY 23-24 – 30th September 2023
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, 2023
Taxpayer can file belated Return up to 31 December 2023 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
FAQ's On ITR Filing For Companies
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.
Yes corporate do require filling return even if they do not earn any income during the financial year.
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.
Firm Registration 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.
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.