Starting at Just Rs. 699/- (All Inclusive)
ITR Filing for Companies
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ITR-1 @ Rs. 699/-
- Salary Income
- Rent Income From One Property
- Interest Income etc.
This pricing plan includes free consultation
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ITR-2 @ Rs. 1099/-
- Salary Income
- Rent Income From Properties
- Capital Gains or Losses
This pricing plan includes free consultation
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ITR-3 @ Rs. 1999/-
- All Income Covered in ITR-2
- Income From Business or Profession
- Interest Income etc.
- Income or Loss From Intraday Share Trading
- Income or Loss From Derivatives (F&O)
- Director/Patner in a Company/LLP
This pricing plan includes free consultation
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ITR-4 @ Rs. 1499/-
- Salary Income
- Rent Income From Propeties
- Professional Receipts up to Rs. 50 Lacs
- Businesses Covered under Presumptive Taxation
This pricing plan includes free consultation
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Know More
Income Tax Returns
An Overview
“ITR filing” for companies refers to the process of filing the Income Tax Return (ITR) by companies in India. The “Income Tax Act” of 1961 mandates that all companies, including private and public limited companies and foreign companies operating in India, must file their income tax returns annually with the Income Tax Department.
“Fiscalnow” files Income Tax returns for companies while adhering to every legal requirement of Income Tax Laws. You can completely rely on us to file your income tax returns. To file your return, all you have to provide us is the necessary documentation.
Is It Mandatory?
ITR (Income Tax Return) filing for companies is mandatory in India. As per the provisions of the Income Tax Act, 1961, all companies, including private limited companies, public limited companies, and foreign companies operating in India, are required to file their income tax returns annually with the Income Tax Department.
The mandatory requirement for ITR filing for companies is applicable irrespective of whether the company has made a profit or incurred a loss during the financial year. Even if the company has not conducted any business operations, it is still required to file a “nil” or “zero” income tax return.
Filing the ITR allows the company to report its financial transactions, income, expenses, profits, losses, and other relevant financial information to the Income Tax Department. It facilitates the assessment of the company’s tax liability and ensures compliance with the tax laws and regulations.
Non-compliance with the mandatory ITR filing requirement can result in penalties, fines, and other legal consequences. Therefore, it is important for companies to fulfill their ITR filing obligations within the prescribed due dates, along with accurate and complete disclosure of their financial information.
Companies often seek the assistance of professionals such as chartered accountants or tax consultants to ensure proper compliance, accurate computation of income, and adherence to the relevant tax laws and regulations while filing their ITRs.
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Information / Documents Required
General Documents / information Required from all assesses
- Basic Company Information:
- Company name, address, and contact details.
- Permanent Account Number (PAN) of the company.
- Tax Deduction and Collection Account Number (TAN) of the company.
- Financial Statements:
- Balance Sheet: It provides a snapshot of the company’s financial position, including assets, liabilities, and equity, as of the end of the financial year.
- Profit and Loss Statement: It shows the company’s revenue, expenses, and net profit or loss for the financial year.
- Cash Flow Statement: It presents the inflow and outflow of cash in the company’s operations, investing, and financing activities.
- Audit Reports (if applicable):
- Tax Audit Report: Companies with a turnover exceeding the specified threshold are required to get their accounts audited by a chartered accountant and submit the tax audit report along with the ITR.
- Transfer Pricing Report: If the company has entered into international transactions with associated enterprises, a transfer pricing report may be required.
- Computation of Income:
- Details of income earned by the company from various sources, such as business income, capital gains, rental income, other income, etc.
- Deductions and Exemptions: Information about eligible deductions, exemptions, and allowances claimed by the company.
- Tax Payments:
- Details of tax payments made by the company, such as advance tax, self-assessment tax, and any TDS (Tax Deducted at Source) deducted or collected.
- Company’s Legal and Registration Documents:
- Certificate of Incorporation.
- Memorandum and Articles of Association.
- Shareholding pattern and capital structure details.
- Any other relevant legal documents related to the company’s formation and registration.
Due Date
Generally, the due date for filing of an Income Tax Return is 31st July of finacial year. However, if an assessee is a partner in a LLP or Partnership Firm which is subject to tax audit under the Income Tax Laws then due date in such case would be 31st October.
Note – Considering various factors, goverment may extend the due date of filing an Income Tax Return. However, we suggest not to wait for the extensions and get your ITR filed by us on time.
Benefits
Filing ITR is a legal obligation for companies in India. By filing their ITRs on time, companies ensure compliance with the provisions of the Income Tax Act, 1961, and avoid penalties or legal consequences for non-compliance.
ITR filing enables companies to accurately determine their tax liability. By reporting their income, expenses, deductions, and exemptions, companies can compute their taxable income and determine the amount of tax they are liable to pay.
If a company incurs a loss during a financial year, filing ITR allows it to carry forward the losses to subsequent years. These losses can be set off against future profits, reducing the company’s tax liability in future years.
ITR filing provides an opportunity for companies to claim eligible deductions and exemptions available under the Income Tax Act. This helps in reducing the taxable income and overall tax liability of the company.
: Filing ITR helps companies establish a transparent financial record. It provides a comprehensive overview of the company’s financial transactions, income, expenses, and assets, which can be useful for various purposes such as obtaining loans, attracting investors, or participating in government tenders.
ITR filing allows the Income Tax Department to verify the compliance of companies with tax laws and regulations. It helps in promoting transparency, discouraging tax evasion, and ensuring a fair tax system.
Many business transactions, such as opening bank accounts, applying for loans, participating in tenders, or entering into contracts, may require the submission of ITRs. By regularly filing ITRs, companies have the necessary documentation to support their financial credibility and facilitate their business operations.
Timely and accurate ITR filing reduces the likelihood of scrutiny by tax authorities. It minimizes the chances of receiving notices, inquiries, or assessments from the Income Tax Department, thereby avoiding penalties or unnecessary disruptions to the business.
Inquiry
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