In India, a company is registered with the ministry of corporate affairs (MCA). Post incorporation, a company becomes a separate legal entity.
Permanent account number (PAN), TAN and other statutory certificates including PF and ESI registration, get issued in the name of the company at the time of getting certificate of incorporation. Registration related documents are sent by respective departments to the E-mail ID given in the incorporation form.
As per our law, a company is required to file its income tax return and other forms as applicable to it in India. We have different provisions to calculate tax liability for a company registered in India.
One of such requirements is that the company has to file its return of income with the tax department every year on or before the due date of filing as specified by the government of India.
In this article, we will let you know certain important provisions related to income tax return filing applicable to companies. It is applicable to all types of companies registered with MCA including private limited, public limited and One Person Company (OPC).
What is the last date to file a company’s income tax return?
A company is required to file its income tax return on or before the due date of filing i.e. 31st October of the relevant assessment year.
For instance, if you want to file your company’s annual income tax return for the previous year 2023-24 (assessment year 2024-25), then the due date of filing is 31st October 2024.
If you missed the due date of filing, the return of income can be filed on or before 31st December of the relevant assessment year. For the financial year 2023-24 (Assessment year 2024-25), you can file the income tax return on or before 31st December 2024.
For the financial year 2024-25, the due date of filing is 31st October 2025. If you miss 31st October 2025, then you can file your return of income on or before 31st December 2025.
31st December is the last date of filing as you will not be allowed to file your company’s tax return after that unless and until the government has extended the date of filing.
Make sure that you file your return before the due date every year.
Which ITR should a company file?
Income tax return form ITR-6 is prescribed for companies to file their return with the tax department. A company has no other choice.
ITR-6 is a very robust form which has many schedules to fill. You need to make sure that the tax liability has been calculated correctly and all the relevant details are filled in to avoid further inquiries from the tax department.
What are the documents to be attached with ITR-6?
No documents are required to be attached with the form ITR-6.
You can file the income tax form online with the help of a web based portal developed by the tax department. Or else, you can prepare the utility software developed by the tax department to prepare the return of income on your PC.
Should I tax audit my company before filing ITR-6?
You are required to submit a report on tax audit only when your turnover is exceeding the threshold limit as specified in section 44AB of the income tax act, 1961.
If your company’s turnover is below the threshold limit, then no need to submit the report or undergo tax audit.
A company is required to upload tax audit report in form 3CA and Statement of particulars in form 3CD on or before the due date of filing i.e. 30th September of the assessment year.
For the financial year 2023-24 (assessment year 2024-25), the due date of filing tax audit report with the government was 30th September 2024.
For the financial year 2024-25 (assessment year 2025-26), due date of filing for tax audit report is 30th September 2025.
After filing tax audit report, the company is required to file income tax return in ITR-6.
In ITR-6, the company has to provide following details about tax audit;
- Date of furnishing of tax audit report
- Name of the auditor signing the tax audit report
- Membership Number of the auditor
- Name of the auditor (proprietorship/ firm)
- Proprietorship/firm registration number
- Permanent Account Number (PAN/Aadhaar No.) of the auditor (proprietorship/ firm)
- Date of audit report
Therefore, if tax audit is applicable, then it must be done and uploaded before filing annual tax return in form ITR-6.
How much do I need to pay while filing my company’s tax return?
You are not required to pay anything as filing fee to the government while filing your income tax return.
In case, you are liable to pay taxes, then that has to be paid before filing.
What is the basic exemption limit applicable to a company?
For companies, we don’t have any basic exemption limit. You have to pay taxes in case of profit.
Our company has not yet started business. Should I file an income tax return for the year?
Yes, all the companies irrespective of their turnover, profit/loss are required to file their income tax return with the government on or before the due date of filing.
Can a company file ITR 4?
No, only an individual taxpayers, Hindu undivided Family (HUF), Partnership firms (other than LLPs) can file income tax return form “ITR-4“.
If you are a director of a company, then don’t forget to choose the right income tax form as ITR-1 and ITR-4 is not applicable to you.
