preloader

Archives

No archives to show.

Categories

  • No categories

Company tax Registration | Company Tax Filing | CAnest

Overview of Company Tax Registration

Filing business tax returns is essentially  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  the Income Tax returns every year. tax return for companies is more complicated than individual taxpayers.

A The business tax return is nothing but a statement of income earned and expenditure of the business. If 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 Registration

Document attachments cannot be added to ITR return forms. Due to this, it is not necessary to submit any supporting documentation with the tax return, such as a bank statement, evidence of investment, a TDS certificate, etc. However, The taxpayer is required to store all supporting documents for the income tax return and to present them to the tax authorities upon request for an investigation or assessment. For ITR 6 or ITR 7, a Class 2 digital signature and a PAN card for the company are necessary.

The process to File Income Tax Return for Private Limited Company

Maintaining Book of Accounts
All The businesses must keep a book of accounts in order to follow the law and to have oversight over daily operations. All corporations are required by the Companies Act of 2013 to keep a book of accounts in the specific format. A business’s book of accounts can be conveniently maintained with the use of accounting software like Tally or QuickBooks.

Preparing Financial Statements of the Company
Financial statements include a balance sheet, a profit and loss account, other statements, etc. that offer information on the financial status, performance, and changes in the financial position. Every business must create financial statements using the Book of Accounts.

Appointing Auditor for the Company

Within one month of the company’s registration, each company must appoint an auditor. Any qualified practising chartered accountant or firm of chartered accountants may be chosen to serve as the company’s auditors.

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 accounts of the Company give a true and fair image of the state of affairs of the Company.

Conducting Annual General Meeting

At  Annual General Meeting, the audited financial statements of the Company with  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  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,  Annual General Meeting is completed and 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 filing of annual return of a company. The annual return of the company must be filed within 60 days of the date on which  annual general meeting of the company was help

Why Choose Canest?

✓ AFFORDABLE

We provide cost effective services for our clients.

✓ FAST PROCESS

Online service portal makes our process superfast.

✓ 100+ SERVICES

Bunch of services to fulfil your business requirements.

✓ EXPERIENCE

15+ Years’ experience of providing online CA services.

REQUEST A CALL BACK