ITR filing for companies - accurate, on time, every year

Domestic companies file ITR-6. Foreign companies with Indian income file ITR-7. Section 8 companies claiming exemption under Section 11 also file ITR-7. ITR-6 is not applicable if the company is claiming Section 11 exemption.

For companies requiring a tax audit (Section 44AB), the due date is 31 October of the assessment year. For companies not requiring an audit, the due date is 31 December. Belated returns can be filed by 31 December.

Under Section 44AB of the Income Tax Act, 1961, a tax audit by a Chartered Accountant is mandatory if the total turnover of a business exceeds ₹1 crore in a financial year. The auditor files Form 3CA and Form 3CD on the Income Tax portal before the ITR due date.

Domestic companies pay 25% on total income (plus applicable surcharge and 4% health & education cess) if they satisfy the conditions specified in the Finance Act (turnover up to ₹400 crore as per recent amendments). Otherwise, the rate is 30%. Surcharge is 7% for income up to ₹1 crore, 12% for ₹1-10 crore, and 15% above ₹10 crore.

Foreign companies are taxed at 40% on income accruing or arising in India, plus a 2% or 5% surcharge (depending on income level) and 4% health & education cess. Royalty and technical services income may be taxed at a lower rate of 10% or 50%, depending on the DTAA.

MAT under Section 115JB ensures that companies paying zero or low tax due to exemptions still pay a minimum tax. MAT is 18.5% of book profit. If MAT paid exceeds normal tax, the excess is carried forward as MAT credit (Section 115JAA) and can be set off in future years when normal tax exceeds MAT.

MAT (Section 115JB) applies to all companies. AMT (Section 115JC) applies to non-corporate taxpayers (LLPs, partnership firms, individuals) claiming profit-linked deductions (Sections 80-IA, 80-IAB, etc.). AMT rate is 18.5% of adjusted total income.

Section 234F imposes a late filing fee of ₹5,000 if the return is filed after the due date but before 31 December, and ₹10,000 if filed after 31 December. If total income exceeds ₹1 crore, the minimum penalty is ₹10,000, regardless of when filed. Interest under Section 234A at 1% per month on unpaid tax also applies.

No. Section 80C deductions are for individuals and HUFs only. Companies cannot claim 80C, 80D, or other individual deductions. However, companies can claim deductions under Sections 30 to 36 (business expenses) and Sections 35 to 35D (scientific research, capital expenditure).

Form 26AS for companies shows TDS deducted by the company's clients, TDS deducted on payments made by the company, advance tax paid, and self-assessment tax. It is critical for computing total tax liability and claiming TDS credit. Mismatches between claimed TDS and Form 26AS cause processing delays.

ITR-6 is for domestic companies not claiming exemption under Section 11. ITR-7 is for: (a) persons claiming Section 11 exemption (trusts/institutions), (b) political parties (Section 13A), (c) certain research associations, universities, and hospitals (Section 10(23C)).

Section 80-IAC provides 100% income tax exemption on profits for 3 consecutive years out of the first 10 years for DPIIT-recognised startups. You still file ITR-6 but claim the deduction under Section 80-IAC. The deduction is computed in Schedule HP / Business Income section of ITR-6.

Yes. A foreign company with a permanent establishment (PE) or branch in India must file ITR-7 declaring its Indian income. Tax is computed on income accruing or arising in India, or income deemed to accrue in India under Section 9.

Gather documents (PAN, TAN, audited P&L, Balance Sheet, tax audit report). Compute total income and tax. Generate XML from the ITR-6 utility on the Income Tax portal. Upload via the portal or through an authorised intermediary. Verify via DSC or Aadhaar OTP. Download the acknowledgement.

AOC-4 is the annual filing of financial statements (Balance Sheet, P&L, Cash Flow) on the MCA portal for companies. It is separate from ITR-6 but both must be filed annually. The financial data in AOC-4 and ITR-6 should be consistent - mismatches can trigger scrutiny.

MGT-7 is the Annual Return filed by companies on the MCA portal. It contains details of the company's directors, shareholders, meetings held, and other compliance information. It is filed within 60 days of the Annual General Meeting (AGM).

Companies must deduct TDS on various payments: 1% under Section 194C (contractors), 10% under Section 194J (professional fees), 2% under Section 194H (brokerage/commission), 10% under Section 194A (interest other than banks). TDS deducted must be deposited by the 7th of the following month and quarterly returns (Form 24Q) must be filed.

For domestic companies: 7% surcharge if total income is up to ₹1 crore; 12% if total income is between ₹1 crore and ₹10 crore; 15% if total income exceeds ₹10 crore. Surcharge is calculated on the tax amount before adding health & education cess.

Health and Education Cess is 4% of the tax + surcharge amount, applicable to all taxpayers (individuals, companies, HUFs). It is levied to fund health and education infrastructure. The total effective tax rate = (Tax + Surcharge) + 4% of (Tax + Surcharge).

Yes. Business losses can be carried forward for 8 assessment years and set off against business income in subsequent years. Unabsorbed depreciation can be carried forward indefinitely. However, losses cannot be carried forward if the ITR is filed after the due date (31 October / 31 December).

If the department issues a notice under Section 143(2) (scrutiny), Section 148 (reassessment), or any other section, we handle the response. This includes preparing and submitting the required documents, replies, and representations. This is included in our Standard and Premium plans at no extra cost.