Managing a business in India is fascinating; but, it also comes with responsibility in addition to gains. Company tax filing is one of the most crucial duties for any owner of a business. Although it sounds technical, management becomes much simpler once the foundations are known.
Let us streamline your company tax filing so you may remain stress-free and compliant.
Regarding company tax filing:
Filing company taxes means sending the income and tax information of your business to the Income Tax Department. Companies have to file returns annually, much as people file their income tax returns.
Whether or not your business made profit, it is required.
Who ought to file?
Every kind of business has to file returns including:
- Limited Companies, Private
- Public Limited Businesses
- One Person Company (OPC)
- Foreign businesses operating in India with income
You still need to complete company tax filing even if your business had no revenue or didn’t run during the year.
When ought one to file?
Generally speaking, the due date for company tax filings—without audit—is October 31st of the assessment year.
Should your business call for an audit, September 30th is usually the due date.
Late filing may result in:
- Penalties ranging from ₹10,000
- Interest on owing taxes
- Reduced carry-forward advantages on losses
Which Records Are Needed?
You will need to finish company tax filings with:
- Company’s PAN
- Financial statements: profit and loss, balance sheet
- Tax audit report (if relevant)
- TDS and advance tax paid specific details
- Director particulars
- GST specifics (should they be applicable)
Various Forms of Company Tax Returns
- Most companies file under Form ITR-6 (for those not claiming exemption under Section 11).
- Certain NGOs and charitable organisations use ITR-7.
Company Tax Rates (FY 2024–25)
- Domestic businesses with turnover up to ₹400 crore: 25%
- Other homes businesses: thirty percent
- Section 115BAB: 15% new manufacturing companies under
- 40% are foreign businesses
Also included are relevant surcharges and cess.
How should one file?
You can submit your company’s return:
- By means of the Income Tax e-filing system
- Using DSC, or Digital Signature Certificate—mandated for businesses
- Using a tax consultant or chartered accountant (CA)
Why Timely Company Tax Filing Matters
- Avoiding Legal Problems and Penalties
- Keeps a tidy tax record
- Required for loans, tenders, or increasing investment
- Helps claim deductions and carry forward losses
- Develops confidence among interested parties
Although company tax filing can seem difficult, with correct records and a little direction it becomes second nature to you annually.
Don’t ignore it or postpone it; make sure your company remains legally, professionally, and financially sound.
A properly run business always files on schedule; yours should also.