Income Tax Filing for Companies
The companies are required to follow the rule under the income tax department that mandates filing the income tax every year before 30th September. The income tax act has major 2 categories one for domestic companies and the other for foreign companies. In India company are needed to follow the method of ITR filing according to their turnover and financial worth.
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Overview
Those companies that are registered under the Companies Act 2013 (previously known as the Companies Act 1956) can file their income tax returns by filing the ITR-6 form. Charitable organizations and religious organizations are not included in this list. Presumptive taxation can be applied to companies with a turnover of up to Rs 2 crores. For the financial year 2016-17, the tax rate on presumed income is 8%. A business that earns Rs.1.0 crore in 2016-17 will have an income liable to tax of Rs. 8 lakhs.
Benefits
Define the financial capacity of companies
The ITR filing helps in the process of estimating the financial worth and capacity of the taxpayer under the obligation of the government’s defined criteria.
Helps in loan processing and risk cover insurance
The actual worth of the company is defined by the income tax return because it’s done under a highly reputed government department. Also, it helps in the loan processing to easily get loans for those who follow the social and moral duties to pay tax.
Covering losses
It covers the losses of the business that they had faced in the early stages of the business. The loss can also be adjusted against future income as well. Not filing an ITR makes you deprived of that profit.
Claiming a tax refund
Filing ITR may help taxpayers to claim their income tax-related benefits and refunds.
Documents Required
1. PAN
2. Form-16
3. TDS certificates
4. Interest certificates from Post Offices & Banks
5. Form 26AS
6. Tax-Savings Investment Proofs
7. Home Loan statement from NBFC/Bank
8. Capital Gains
9. Aadhar Card
Process
Select Package
Your journey starts with the package selection. Our team of professionals is here to assist you & solve your doubts accordingly.
Information collection and documentation
In this process, our specialists collect the information from the client and gather useful documents and required information for further precedence.
Calculation of application tax
In this phase, our specialist team analyses the taxpayer payable amount paid to the income tax and we confirm to the applicant to proceed in the last phase.
Acknowledgment
In the last phase, we fill the form under the income tax file under ITR-6 and share the receipt with the taxpayer and acknowledgment.
Why Us?
We are here to make everything easy for you. If you have any doubts about how to start with the procedure, we are here to resolve this confusion for you. We will enlighten you about what are the different criteria you must fulfill & what is the best possible way you can do everything smoothly. For convenient Income Tax Filing for Companies, we have a team of highly skilled professionals and a large network of people who can assist you with every service that you will need.
FAQ
What refers to the due date in the ITR-4 filing?
30th September is generally counted as a due date in the ITR filing.
Who can avail of the advantages of the ITR-6 form?
It must be filed by the companies that have no right to claim any exemption under section 11.
Can a company file an ITR-4 form without any activity?
Yes, Federal Income Tax Return is mandatory for those companies that become inactive or have no business activities.
What are the responsibilities of a person deducting tax at source?
There are many duties of a person deducting income tax at source which include – He needs to get the TDA number and fill the same in all the documents related to TDS. He can deduct the tax at the source at the appropriate rate. He can pay the tax deducted from him at the source to the credit of the government. He can file the periodic TDS declaration.
What is the use of the ITR-XML file in filing income tax?
The XML is a file format that helps in entering income-related data automatically in the ITR-4 form online.
How to file ITR-4?
Taxpayers can file their income tax through the online portal of the Income Tax Department of India. To make this process easy for you, we provide the best and premium services that can help in filing the ITR.
