Corporate Tax Filing
Corporate Tax Filing in India: Get professional help and dedicated account support
My Biz Development has a team of accounting and tax experts engaged in assisting businesses with corporate tax filing in India for over many years. When you rely on our experts for corporate income tax return filing, you will have a complete peace of mind with regard to your tax returns. Our expert team ensures to comply with all tax regulations while optimizing your financial health.
Filing your corporate income tax return (ITR) is a critical aspect of managing your business’s tax obligations. With our expert services, we make this process seamless and hassle-free for you. Choose from our packages.
What is corporate tax filing in India?
Corporate tax is levied on any company registered in India. It is calculated on the net profit of the company in a current financial year. It covers both private and public ltd companies in India. The rate of tax levied on companies usually varies between 20-40% of the income depending on the companies’ particulars. Every company in India, whether Indian or foreign, is liable to pay corporate tax under the country’s Income Tax Act, 1961. It is a critical aspect of business finance that affects companies of all sizes and types. It is specifically targeted at business entities, including domestic and multinational companies.
Who is liable to file a corporate income tax return in India?
Filing corporate income tax is compulsory for all eligible companies operating under Indian tax laws. Every Indian company, whether domestic or multinational is bound to file ITR in India as per the rules and procedures laid in the Income tax act. The procedure and regulations for corporate tax returns depend on the structure of a business
- Sole Proprietorship
- Partnership Firm
- Limited Liability Partnership (LLP)
The Process of Corporate Income Tax Filing
The process of corporate income tax filing in India involves several steps, from determining taxable income to submitting your ITR form to the authorities. Here is a breakdown of the steps we follow to ensure a smooth and accurate filing:
Preparation of financial statements: Our team gathers all the necessary documents required for filing income tax returns and reviews your financial records to determine any taxable income.
Gathering documents required for corporate ITR e-filing: We ensure that all documents required for corporate ITR e-filing are collected, such as balance sheets, profit and loss statements, and tax deduction certificates.
Calculating tax liabilities: Based on the prepared financial statements, we calculate the corporate tax liability according to applicable tax laws.
Filing the return: We file your Corporate Income Tax Return (ITR) electronically through the government’s e-filing portal.
Acknowledgement: Once the return is successfully submitted, you receive an acknowledgement from the Income Tax Department.
Our team ensures that the entire process is done accurately and on time to minimise the risk of errors and penalties.
Documents Required for Corporate ITR e-Filing
To ensure your corporate ITR e-filing is completed smoothly, the following documents are required for vorporate ITR e Filing
PAN & TAN Details: The Permanent Account Number (PAN) and Tax Deduction and Collection Account Number (TAN) are required for filing the return.
Aadhar Card: It is mandatory to produce an Aadhar card for filing ITR for most types of business structures in India.
Balance Sheet & Profit and Loss Account: These financial statements provide a clear picture of your company’s income and expenses.
Bank Statement: It is required to reconcile your income and expenses.
TDS Certificates: Tax Deducted at Source (TDS) certificates are essential for ensuring your company’s tax payments are properly accounted for.
GST Registration Number (if applicable): A business registered under GST is required to provide a GST number.
Form 26AS: This is a consolidated tax statement that reflects taxes deducted at source and paid on behalf of the company.
Loan Documents (for claiming interest rebates): If the company has taken any business loans, they need to show documents to claim interest rebates.
Challans of Income Tax Payments: Make sure to keep copies of any challans showing advance tax or self-assessment tax payments made.
Records of Fixed Assets: If any fixed asset is added or removed from the business premises during the financial year for which income tax is calculated, it should be recorded.
Other relevant documents: Depending on your business type, additional documents might be needed, such as proof of investments or tax exemptions.
Penalty for Late Filing Income Tax Returns
If a corporate entity fails to file corporate tax return on time, it may have to bear significant penalty with fines ranging from ₹5,000 to ₹50,000, depending on the delay. Additionally, if you delay the filing beyond the due date, you might also lose the opportunity to carry forward certain tax benefits, such as losses from the business.
My Biz Development team makes it smooth and effortless to navigate through the complex world of corporate taxes. Our dedicated experts provide comprehensive support to ensure your tax obligations are met seamlessly and on time.
Our experts keep you updated about the critical deadlines, assist you in filing the appropriate business income ITR form, and guide you throughout the process for error-free filing.
Call our Tax Consultants for Corporate Income Tax return Filing charges Today