The Guide to Corporate Income Tax Return Filing

If you are involved in any commercial business then according to the Income Tax Structure in India, your entity, be it a limited company or partnership firm or LLP, it is liable to pay tax while reporting your revenues, expenses, and profit & loss. 

The corporate entities are required to conduct an income tax e-filing process by declaring all the financial statements in the income tax return forms including your assets and liabilities.

The Eligibility for Corporate Income Tax E-Filing
There are a few criteria that have been set by the IT department for different businesses according to their nature, scale, and structure.

  • For a proprietor, his/her business incomes and other personal incomes (salary, rent, interest on invt.) have to be filled in the same ITR.
  • Also, if in any financial year, your gross income before deduction crosses the basic taxable limit which is 2.5 Lakh then irrespective of profit or loss in your business, you must file the ITR.
  • Irrespective of profit or loss, the companies, firms, and LLP must file a business tax return, even if no operational activities (stipulated date must be mentioned) are undertaken in any year. These organizations are taxed at a rate of 30%.

Requirement for Income Tax E-Filing

  • If your annual business turnover crosses Rs. 1 crore and professional turnover Rs. 50 Lakh, then you must get your tax audit done by a certified CA
  • If you want to carry forward your business loss or the profit declared by you is less than 8% (6% on digital transactions), then also you have to conduct an income tax audit
  • Copy of each of the audit reports must be attached with the balance sheet and profit and loss account.
  • In case, the company doesn’t maintain regular ledgers, then a statement of receipts and payments must be produced.

Due Dates for Filing an Income Tax Return

31st August - If you are not liable to go through an audit
30th September – If you are required to complete the audit
31st March – Belated return can be filled, however, it is subject to a penalty

How can we help you with a smooth Corporate Income Tax Filing Process?

First, we seamlessly process and verify your data for the collection then prepare it in the proper structure as per the stated requirements, then if required we assist you in carrying out the income tax audit under the guidance of experts to ensure that you comply with IT policies.

We make sure that you are aware of every step to maintain data transparency as well as security. To save your time as well as efforts, we at Muneembhai accomplish the complete process on your behalf.

Our service structure features end-to-end fulfillment under the guidance of our expert.


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