Income Tax Rate For Private Limited Company – AY 2020-21 FY 2019-20

Private Limited  Has Been Introduced In India By Way Of Companies Act 2013. Private Limited Company Is An Alternative Corporate Business Form That Gives The Benefits  And The Flexibility. Latest Income Tax Rate For Private Limited Company AY2020-21 FY 2019-20 Is 25/30%. Under Income Tax Act 1961 Separate Tax Rate Is Given For Private Limited Company. In Addition To This Tax Rate There Is Health & Education Cess On Private Limited Company. In This Article We Explained Income Tax Implication On Private Limited Company.

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Income Tax Rate For Private Limited Company AY 2020-19 | FY 2019-20

Private Limited Company Latest Income Tax Slab Rate In India Is Flat XX/XX% On Profit Earned. Apart From This Income Tax Rate There Is A Surcharge Is Levied That Is Called Health And Education Cess That Is At 4 %. Each Private Limited Company Registered In India Operating Business Need To File It Return.

 

Private Limited Co. Turnover	Tax Rate
Gross Turnover Upto 250 Cr. In The Previous Year	XX%
Gross Turnover Exceeding 250 Cr. In The Previous Year	XX%

 

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Health & Education Cess On Private Limited Company

• Cess: 4% Of Corporate Tax

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Surcharge For Private Limited Company FY 2019-20

Private Limited Co. Turnover	Tax Rate
Taxable Income 1 Crore  < 10 Crore	7 %
Taxable Income  > 10 Crore	12%

 

• Taxable Income Exceeding ₹ 1 CroreBut Below 10 Crore  : 7 %
• Taxable Income Exceeding ₹ 10 CroreBut Below 10 Crore  : 12 %

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Minimum Alternate Tax (Mat) For Private Limited Company

As Per Income Act 1961 , Private Limited Company Is Subject To Minimum Alternate Tax (Mat). Current Rate Of Mat Tax In India Is 18.5% Of Adjusted Total Income. In Simple Terms Private Limited Company Need To Pay 18.5% Income Tax In India. Mat Is Applicable To Private Limited Company.

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Due Date For Private Limited Company ITR Filing AY 2020-21 FY 2019-20

Taxable Income	Tax Rate
Private Limited Company ( Without Transfer Pricing )	30-Sep-19
Private Limited Company ( Under Transfer Pricing Audit )	30-Nov-19

Private Limited Company Which Turnover Below Tax Audit Threshold Limit Is Required To File ITR  By 30 Sept 2019. And Private Limited Company Under Transfer Pricing  Audit Need To ITR  By 30 Nov 2019.

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Private Limited Company Tax Audit AY 2020-19 | FY 2019-20

Tax Audit Limit For Private Limited Company AY 2020-19 | FY 2019-20 Is As Below

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Private Limited Company Under International Transactions

Private Limited Company Doing International Transactions With Its Associated Enterprises Etc. Are Required To Do Transfer Pricing Audit. This Is International Transaction Audit Need To Be Filed Online In Form 3CEB And To Need To Certified By Practicing Chartered Accountant.Its Due Date Is 30 November 2019.

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Income Tax Filing For Private Limited Company FY 2019-20

Business ITR Form 6/7 Can Be Downloaded From Income Tax Site. One Of Partners Digital Signature Is Required For Private Limited Company Itr Filing. E Form Can Be Downloaded From Income Tax Website. Content Of Private Limited Company ITR.

• Details Of Private Limited Company ( Pan , Address Etc. )
• Directors Details ( Pan , Address , % Of Shares Etc )
• Details Of Profit And Loss And Balance Sheet
• Remuneration , Interest Etc Paid To Directors If Any
• Other Details
• Related Party Transactions

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Advance Income Tax Due Date For Private Limited Company FY 2019-20

Due Date	Advance Tax Payable
On or before 15th June 19	15% of advance tax
On or before 15th September 19	45% of advance tax
On or before 15th December 19	75% of advance tax
On or before 15th March 20	100% of advance tax

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Online Income Tax Payment For Private Limited Company

Income Tax Allowed To Make Tax Payment By Online Or Physical Mode. For Online E Payment Of Tax For Private Limited Company Required To Fill Form 280 And Make Tax Payment According Using Net Banking.

Below Are Steps

1. Visit E Payment Site : https://www.tin-nsdl.com/services/oltas/e-pay.html
2. Select Form 280
3. Fill Details Such As PAN , Address , Year Etc.
4. Select Online Banking Mode
5. Make Payment And Save Challan

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Read About Private Limited Annual Filing FY 2018-19