Filing of Company & Other Tax Returns - Canest

Canest > Filing of Company & Other Tax Returns


Filing business tax returns is essentially the process by which a business has to report its income and expenditure to the Income Tax department. All businesses that are operating in India, whether small or big have to file Income Tax returns every year. The tax return for companies is more complicated than individual taxpayers.

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. Apart from filing taxes, a business may also be required to file TDS or pay advance tax as the need be. Tax returns filed by a business also will have details on assets and liabilities a business has. In this article, we will take a look at how to file business income tax returns and also specifically at filing small business tax returns.

Documents Required for Company Tax Return Filing

ITR return forms are not capable of accepting document attachments. For that reason, there is no requirement for filing of any documents with the tax return like identity proof, bank statement, proof of investment, TDS certificates, etc. Still, all supporting documents for the income tax return must be stored by the taxpayer and should be produced before the tax authorities when demanded inquiry or assessment.Class 2 digital signature and PAN Card for Company is required for filing ITR 6 or ITR 7.

The process to File Income Tax Return for Private Limited Company

Maintaining Book of Accounts
It is important for all companies to maintain Book of Accounts not only to comply with the law but also to have control over the business operations. The Companies Act, 2013 makes it compulsory for all companies to maintain a book of accounts in the particularized format. Accounting software such as Tally or QuickBooks can help easily maintain a book of accounts for a business.

Preparing Financial Statements of the Company
Financial statements mean any statement to provide information about the financial position, performance and changes in the financial position and it includes a balance sheet, profit and loss account and other statements etc.All companies are required to prepare financial statements of the company based on the Book of Accounts.

Appointing Auditor for the Company

Every Company must appoint the Auditor within one month of the registration of the company. Any person who is a qualified Chartered Accountant in practice, or a firm of Chartered Accountants can be appointed as the Auditors of the Company.

Auditing the Financial Statement of the Company

The Auditor after he/she is appointed by the Company will audit the financial statements of the Company and submit their report on the accounts of the Company to the members. The Auditor is also required to include in the report whether the accounts of the Company give a true and fair image of the state of affairs of the Company.

Conducting Annual General Meeting

At the Annual General Meeting, the audited financial statements of the Company with the Auditor’s Report and Directors Report are placed before the members of the Company. The members of the Company after checking and being satisfied with the financial statements, The financial statements of a company are considered final only after it is approved by the Shareholders of the company in the Meeting.

Private Limited Company Annual Return Filing

Once, the Annual General Meeting is completed and the audited financial statements are adopted by the Company, it must be filed with the Registrar. The filing of the audited financial statements of the company in the prescribed format to the Ministry of Corporate Affairs is called as the filing of annual return of a company. The annual return of the company must be filed within 60 days of the date on which the annual general meeting of the company was held.


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