Overview:

Company Income tax Return

 

It will be imperative for a company to report its income and expenditure to the IT department. This process is known as filing company income tax returns. All companies operating in India have to file IT returns every year. A business tax return is a statement of the income generated as well as the expenditure of the company. If the company can generate profits, it needs to pay taxes on the profits. Besides this, companies might also be required to pay advance tax if the situation demands.

Documents required

ITR return forms can't accept document attachments. Because of this, one does not need to file any documents with the tax return such as bank statements, ID proof, TDS certificates, and so on. Nevertheless, the taxpayer must store all the supporting documents for the IT return and this has to be presented before the IT authorities if required.

Company income tax return filing process

  • All companies must maintain a Book of Accounts to comply with the law as well as have control over the business functions. According to the 2013 Companies Act, all companies have to maintain a book of accounts with the help of accounting software.
  • It will be imperative for all businesses to prepare the company’s financial statements depending on the Book of Accounts. The term “financial statements” refers to all the statements required for providing information regarding the performance, financial position, and changes in the company and it also consists of profit and loss accounts, balance sheets, and other statements.
  • Every business must appoint an auditor within one month of the company’s registration. Any qualified Chartered Accountant can be appointed as the company’s Auditors.
  • After being appointed as auditor of the company, he or she will be responsible for auditing the company’s financial statements and the report has to be submitted to the members on behalf of the company. The auditor has to include in the report whether the company’s accounts provide a genuine image of the company’s state of affairs.
  • An annual general meeting has to be conducted next. In this meeting, the company’s financial statements along with the report of the auditor and directors will be placed before the company’s members. The company’s financial statements will be considered to be final after being approved by the company’s shareholders in the meeting.
  • It is essential to file the company’s annual return within 60 days of the particular date when the company’s annual general meeting was conducted.

TaxSavvy is a company that will take care of your company’s income tax return filing process. We can boast of having experts who will be handling all the tax filing for you. You simply need to update your documents and our experts will be preparing and filing your tax returns on your behalf. We will provide you with the most effective solution on the market at the most inexpensive rate. After filing every IT return, they will be verified for completeness and accuracy. We will help you to get the maximum tax refund as well. For getting more information, make sure to visit our official website today!

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