ITR Filing for Company Starting from ₹ 4000/-
Get Started By paying Rs. 4000/-
Basic
Individuals and a company being a taxpayer are not taxed at the same rate. Direct Taxes are divided as:
Income Tax:
This tax is paid by the taxpayers other than companies registered under company Act 2013 in India on the income earned by them. They are taxed on the basis of slabs at different rates.
Corporate Tax:
This tax is paid by the corporate registered under company law in India on the net profit that it makes from business. It is taxed at a specific rate as prescribed by the income tax act subject to the changes in the rates every year by the IT department.
Further the companies are also required to get the statutory audit conducted by the auditor appointed by the company each year before the due date.
Advantage of ITR Filing for Company
| PARTICULARS | LIMITED LIABILITY PARTNERSHIP | PARTNERSHIP |
| GOVERNED BY: | It is registered under LLP Act, 2008 | It is registered under Partnership Act, 1932 |
| TIME OF REGISTRATION | 5-7 days | 7-10 days in complete process |
| LIABILITY | .Unlimited. Partners are severally and jointly liable for actions of other partners and the firm and liability extend to their personal assets. | Limited, to the extent their contribution towards LLP, except in case of intentional fraud or wrongful act of omission or commission by the partner. |
| TAX LIABILITY | 30%+ Health and education cess | 30%+ health and education cess |
| PRINCIPAL/AGENT RELATIONSHIP | Partners are agents of the firm and other partners. | Partners act as agents of LLP and not of the other partners. |
| DIRECTOR IDENTIFICATION NO./ DESIGNATED PARTNER IDENTIFICATION NO. | The partners are not required to obtain any identification number | Each Designated Partners is required to have a DPIN before being appointed as Designated Partner of LLP. |
| DIGITAL SIGNATURE | There is no requirement of obtaining Digital Signature | As eforms are filled electronically, atleast one Designated Partner should have Digital Signatures. |
| ANNUAL FILING | No return is required to be filed with Registrar of Firms | Annual Statement of accounts and Solvency & Annual Return is required to be filed with Registrar of Companies every year. |
| AUDIT OF ACCOUNTS | Partnership firms are only required to have tax audit of their accounts as per the provisions of the Income Tax Act | All LLP except for those having turnover less than Rs.40 Lacs or Rs.25 Lacs contribution in any financial year are required to get their accounts audited annually as per the provisions of LLP Act 2008. |
| CREDIT WORTHINESS OF ORGANIZATION | Creditworthiness of firm depends upon goodwill and creditworthiness of its partners | Will enjoy Comparatively higher creditworthiness from Partnership due to Stringent regulatory framework but lesser than a company. |
| NUMBER OF MEMBERS | Minimum 2 and Maximum 20 | Minimum 2 partners and there is no limitation of maximum number of partners. |
| REGISTRATION | Registration is optional | Registration with Registrar of LLP required. |
Advantage of ITR Filing for Company
Easy loan processing
Allow carry forward losses
Define net worth
Deduction on expenses incurred in setting up of business
ITR Form
ITR-6: Companies other than companies claiming exemption under section 11 Income from property held for charitable or religious purposes require to file ITR-6. This return has to be filed electronically only.
Documents Required
Pan card of Company
Basic details of all the directors and shareholders
MOA of Company
Books of Accounts | Financial Statement (Profit or loss Statement and Balance sheet)
Procedure For Filing ITR
1.Complete the Questionnaire
We will provide a questionnaire which is required to be filled by you in which we will sought the basic details and documents pertaining to the Filing of ITR of the companies.
2. Review of the documents
All the documents provided to us and the questionnaire will help us to process further for preparation of books of accounts of the company.
3. Filing of Income Tax Return
We will file further send you the provisional statements for your verification and will file your income tax return before the due date and protect you from any penalty after its duly signed by you.
4. Acknowledgement
We will further inform you after filling your Income Tax Return and also provide you the return form and computation.
Additional Information
Books of Accounts
To file the company ITR it is mandatory to maintain the necessary books of accounts as prescribed under the Income Tax Act U/s 44AA.
Specified books of accounts to be maintained for companies
As per Rule 6F(2) the following books of accounts and documents are required to be maintained:
- cash book,
- Journal, if the accounts are maintained as per mercantile system of accounting,
- ledger
- carbon copies of bills, serially numbered and carbon copies or counterfoils of receipts issued in respect of sums exceeding Rs 25,
- original bills for expenses exceeding Rs. 50 and payment vouchers for petty expenses. However in a case where the cash book maintained by the person contains adequate particulars in respect of the expenditure incurred, then vouchers are not necessary in respect of expenses upto Rs 50.
Due dates for filling Income Tax return
For Taxpayer eligible to get Tax audit: Due date for filling Income tax Return for Taxpayer having turnover more than 1crore or who do not opt for presumptive taxation for F.Y 2019-20 i.e. A.Y. 2020-21 is 30 September 2020
Tax payer can file belated Return up to 31 march of Assessment year
Penalty of non filling Income Tax Return
Where a person require to file Income Tax Return u/s 139(1) fails to file the return within prescribed limit u/s 139(1) shall pay with prescribed late fee in case
Return file up to 31 December of A.Y is 5000
Return file after 31 December of A.Y is 10000
*However if total income of person does not exceed 5lakh than late fee shall not exceed 1000
Tax Rate Applicable
Particulars | Rates |
Where it opted for Section 115BA | 25% |
Where it opted for Section 115BAA | 22% |
Where it opted for Section 115BAB | 15% |
Any other domestic company | 30% how ever for the assessment year 2019-20 a domestic company would be taxable at 25% rate if turnover or gross receipt of business does not exceed Rs. 250 crore in the previous F.Y. |
Surcharge
7% of Tax when net income exceeds Rs 1crore but not exceeding 10 crore rupees
12% of Tax when net income exceeds 10crore
10% in case company opted under section 115BAA and 115BAB
Health and Education Cess
4% of Income Tax + Surcharge