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Tax Return Filings Corporate


Income Tax Return (ITR) is a form where taxpayers (Individuals and businesses) submit information about their income and tax payments to the income tax department of India. A Taxpayer should file for ITR before its due date. (Generally, it is 30th September of every year).
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Overview

Filing for income tax returns by businesses is mandatory in India. All the business entities are required to file for ITR irrespective of small or big, have to file for ITR returns every year.

A business tax return is nothing but a statement of income earned and expenditure of the business. If the business posts some profits, tax needs to be paid on the profits. Tax returns filed by a business also will have details on assets and liabilities a business has.

For companies, firms, and Limited Liability Partnerships (LLPs) income tax return needs to be filed irrespective of profit or loss. Even if such businesses have undertaken no operations, a return needs to be filed.

Below is the list of ITR forms applicable for businesses

  1. ITR-3: This form is for Individuals and HUFs. Who have income from a proprietary firm or are carrying a profession. This form needs to be filed by individuals whose income source is any one, more, or all below.
    1. Business or profession
    2. If you are director in a company
    3. If you have investment in unlisted equity shares in that financial year
    4. Income from House property, Salary/Pension, capital gain and Income from other sources
    5. Income of a person as a partner in the firm

  2. ITR-4 or Sugam This form is for Individuals and HUF’s, Partnership firms (Not LLP). Which are residents having income from business or profession. It also includes those who have opted for the presumptive income scheme. This form needs to be filed by individuals whose income source is any one, more, or all below.
    1. Total income exceeds 50 Lakh.
    2. Income from more than one house property.
    3. Owning any foreign assets.
    4. Owning any foreign assets.
    5. Having signing authority in any account located outside India.
    6. If you are a director in company.
    7. If you have investment in unlisted equity shares in that financial year.
    8. Being a Non-Resident or resident not ordinary resident.
    9. If you have any brought forward loss or loss to be carried forward under any head of income.
    10. If you are assessable in respect of income of another person in respect of which tax is deducted in the hands of the other person.

  3. ITR-5: ITR 5 is for firms, LLPs (Limited Liability Partnership), AOPs (Association of Persons), BOIs (Body of Individuals), Artificial Juridical Person (AJP), Estate of deceased, Estate of insolvent, Business trust, and investment fund.

  4. ITR-6: This form is exclusively for companies other than companies claiming exemption under section 11 (Income from property held for charitable or religious purposes). This return has to be filed electronically only.



Benefits of Filing ITR Returns for Corporates

Benefits/advantages of Income Tax Return Filings

Easy Loan Approval

Filing the Income Tax Returns helps individuals when they have to apply for a house loan or car loan. All major banks ask for a copy of tax return filings.

Carry Forward Losses

If the ITR returns are filed within the due date. Taxpayers will be able to carry forward losses to upcoming years. which can be used to set off against income of upcoming years.

Works as Income & Address Proof

Income tax return document can be used as a proof of Income and Address.

Avoid Penalty

In case ITR is not filed, the tax officer deserves the right to impose a penalty of up to Rs 10,000. Besides this, a delay in filing ITR also makes one liable to pay interest. Filing ITR on or before the due date avoids penalty.

Checklist/Requirements

Following documents are required to file ITR returns

  1. Name
  2. Email
  3. CIN Number of the company
  4. Address
  5. Is there any change in the
  6. company’s name? If yes, please furnish the old name
  7. Date of incorporation
  8. Date of commencement of business
  9. Mobile no

Process Of Filing ITR Return for Corporates

Step 1: Share the requirements and documents with us

Step 2: Verification of documents and income sources

Step 3: Calculation of Income Tax Return

Step 4: Filing for Income Tax Return

Step 5: Acknowledgement Received

Key Deliverables

  1. ITR Acknowledgement

  2. E-forms and Challans

Tax Return Filings Corporate

Why Choose Us

  Entrepreneur Friendly

We make the process so easy and fast that you will not even feel the headache of all the paperwork, and our professionals will provide you all the promised deliverable within a given span of time.

  Experienced Professionals

All our professionals are qualified and specialized in that particular work. Making sure no mistakes are done at the time of filings with the authorities so that company won’t have to pay any penalties due to mistakes.

  One Stop for All Your Requirements

We support you throughout the journey of your business, from the incorporation, Accounting and taxation support, Secretarial compliance support, and Legal support.

  Cost-Effective

We believe that cost plays a vital role in any company’s growth stage, that’s why we do not surprise our clients with hidden charges, you pay what you see in the initial proposal.


Frequently Asked Questions


I have a GST number but no business income for a full year. Should I file ITR 2 or ITR 3?
Having a GST number has got nothing to do with filing an I-T return. A return of Income is required to be filed when there is any taxable income. If you have any income other than business income (as you have said that you have no business income). You may file return in Form ITR-1 or ITR-2 depending upon the source of your income.
Yes, you can. You need to have all the proofs of expenses like tickets, hotel charges, etc.
If you have closed your business in the current financial year then yes you will have to file for ITR returns for this current financial year. Along with the other filings such as ROC etc. and then you will have to surrender the PAN of the company.
You've got Income from business, so you can only file ITR 3 or ITR 4. Generally, the advice is to file ITR 4, since it allows presumptive taxation under Section 44AD. But if you've got capital gains or losses, you can't file ITR 4. Also, if your turnover is above the audit limit, you can't file ITR 4.