INCOME TAX RETURN FOR COMPANIES

All companies which are registered in India are required to file income tax returns each year on or before 30th September. As per the Income Tax Act, company tax return filing falls under two categories, namely domestic company or foreign company. Domestic company means an Indian company wherein the income is liable to tax. Companies registered with the Ministry of Corporate Affairs like Private Limited Company, One Person Company or Limited Company is classified as a Domestic Company.

TAX RATES

PARTICULARS

INCOME TAX SLABS

Gross Turnover up to 250 Cr. in the previous year

25%

Gross Turnover exceeding 250 Cr. in the previous year

30%

DUE DATE FOR FILING

All companies registered in India are required to file income tax return on or before the 30th of September each year. Unlike MCA annual return, even if companies are registered from January – March, they must file income tax return on or before 30th September of the same calendar year.

TYPE OF INCOME TAX RETURN TO BE FILED BY COMPANY

Companies registered in India and engaged in a business for profit must file Form ITR 6. Hence, private limited companies, limited companies and one person companies would be required to file Form ITR6. ITR 7 must be filed by Section 8 Company i.e. Companies carrying operations for non-profit purposes.

DOCUMENTS REQUIRED FOR COMPANY TAX RETURN FILING

ITR return forms are not capable of accepting document attachments. Hence, there is no requirement for filing of any documents with the tax return like bank statement, identity proof, TDS certificates, proof of investment, etc. However, all supporting documents for the income tax return must be stored by the taxpayer and should be produced before the tax authorities when demanded in an assessment or inquiry.

Class 2 Digital Signatures is required for filing ITR 6 or ITR 7. Hence, it is important to ensure that the Directors have a valid digital signature before the income tax return filing due date.