Company tax return
Here are some key points to consider for ITR filing for companies:
Choose the Right ITR Form:
Companies need to file their ITR using Form ITR-6. This form is applicable to companies other than those claiming exemption under section 11 of the Income Tax Act, which applies to charitable or religious organizations.
Prepare Financial Statements:
Companies need to prepare their financial statements, including the profit and loss account, balance sheet, and other relevant financial documents. These statements should in compliance with the applicable accounting standards and reflect the true and fair view of the company’s financial position.
Compute Taxable Income:
Companies need to compute their taxable income by considering all sources of income, including business income, capital gains, and other income. Various deductions, exemptions, and allowances provided under the Income Tax Act can be claim to arrive at the taxable income.
Tax Audit:
Companies meeting certain turnover thresholds are require to get their accounts audited by a qualify chartered accountant. The tax audit report, along with the financial statements, needs to be file along with the ITR.
Compliance with Transfer Pricing Regulations:
Companies involve in international transactions with associate enterprises are require to comply with transfer pricing regulations. They need to maintain documentation and file transfer pricing reports as per the prescribe rules.
Tax Payments:
Companies need to pay their tax liabilities in a timely manner. Advance tax payments need to be made during the financial year base on the estimate tax liability. The balance tax, if any, needs to be paid before the due date of filing the ITR.
Filing and Verification:
The ITR, along with the audited financial statements, tax audit report, and other require documents, needs to be file electronically on the Income Tax Department’s e-filing portal. After filing, the ITR should be verify using a digital signature or through Electronic Verification Code (EVC).
Compliance with Other Regulatory Requirements:
Companies need to ensure compliance with other applicable regulatory requirements, such as filing of annual returns with the Registrar of Companies, maintenance of statutory books and records, and adherence to the provisions of the Companies Act, 2013.
It is advisable to engage a qualify chartered accountant or tax professional who specializes in corporate taxation to assist with the ITR filing process for companies. They can provide guidance on tax planning, compliance, and maximize available deductions and benefits for the company.
For more information visit this site: https://www.incometax.gov.in
