Private Limited Company Tax Return Filing
Private Limited Company is popular kind of business format in India. Company directors are responsible for company Profit or loss. Company is different than its directors. Annual Income Tax filing is applicable to every Private Limited Company registered in India irrespective of its turnover or net profit or loss. Even for a dormant company annual tax filing is applicable. Income tax filing for domestic , foreign company & public Limited are applicable. Income tax filing is self-reporting to tax authorities about companies annual income & expenditure. In India tax filing for companies is annual requirement however payment of advance tax for companies is quarterly applicable. Annual income tax filing due date for FY 2019-20 ( AY 2020-21) for companies is 30 September 2020. Companies registered before 31 March 2020 for them income tax filling for FY 2019-20 is applicable.
A N Bhutada & CO Provide Private Limited Company Income Tax Return Filing, tax planning & auditing services. We specialize for tax filing ,annual compliance services for private Limited company. We provide services of Preparing books of accounts , financial statements, secretarial services , income tax planning, prepare income tax computation sheet.
- ITR Filing Due date 30 Sept 2020
- ITR Form 6 Applicable
- Non Filing Penalty upto Rs.10000
- Online Filing Applicable
- Income Tax Rate 25%
- Audit Applicable if turnover > Rs. 100 / Rs. 50 Lac
Income Tax Rate For Private Limited Company
For income tax purpose Private Company & directors are different. For Private Limited Company income tax in applicable at flat, there is no slab’s applicable. Different tax rates provided to companies based on date of registration, past turnover , domestic /international. Regular income tax rate for Private Limited companies is 25%. Apart from Income tax 7% surcharge applicable if income is above 1 Crore and below 10 Crore. And 12% surcharge applicable if income is above 10 crore. Over and above income tax & surcharge secondary and higher education tax rate at 4% applicable.
| S.No | Income Tax | Tax Rate | Financial Year |
|---|---|---|---|
| 1. | Gross turnover upto 400 Cr. in the FY 2017-18 | 25% | FY 2019-20 |
| 2. | Gross turnover exceeding 400 Cr. in the FY 2017-18 | 30% | FY 2019-20 |
| 2. | Gross turnover exceeding 400 Cr. in the FY 2017-18 | 30% | FY 2019-20 |
| 4. | GWhere the company opted for Section 115BAA | 22% | FY 2019-20 |
Procedure to Filing Income Tax Return
Procedure to Filing Income Tax Return filing of company is online at income tax website. Procedure for income tax return filing start with preparing company’s books of accounts. Books of accounts give picture about company’s income , expenditure , liabilities , assets , net profit etc. On basis of annual books prepare financial statement of company considering provision of Companies Act and Income tax Act. Prepare company’s income tax computation sheet to arrive at net income tax payable, advance tax paid , tds deducted for company. ITR Form 6 is applicable to company other than a company which is required to file return in Form ITR-7.
Income Tax Filing Due Date Private Limited Company
Income Tax Filing Due Date Private Limited Company for FY 2019-20 ( AY 2020-21) that is 30 September 2020. Even in case for company tax audit under section 44AB of Income Tax applicable then due date is same. For non filing of Income tax return of company late filing fees upto Rs. 10000/- applicable under section 234F of Income Tax Act 1961. companies that are incorporated during the months of January to march are allowed to file their returns with MCA after 18 months in the initial year of their incorporation.
Penalty For Non Filing of Income Tax Return
Section 234 F of Income Tax is applicable for penalty for non filing of Income tax return of Private Limited Company For income tax filing after due date penalty upto Rs. 10000 is applicable. To avoid late filing fees one should file income tax return on or before 30 September 2020.
Content of ITR - 6
Part A
General information of Company Pan,address,contract , directors details , share holding .etc.Details of Profit & loss,Balance sheet statement and other information.
Schedules
Schedule content information of detail of your total income of company in schedule such as income from house property, income from business, details of capital gain, depreciation etc.
Part B
ITR 6 Form Part B is computation of tax liability , calculate net tax liability, tax paid , tds credit , tax relief under DTAA, interest & fees payable ,Net tax payable / refund.
Documents required for Income Tax Filing for Private Limited Company
Income Tax filing is detail reporting about company’s annual financial statements. Income tax filing consisting of company details , address, directors details , nature of business, sales/gross receipts , expenses , assets , liabilities etc. List of documents for company is below 1. PAN of Company2. Address Proof , Contact details of company, directors
3. Books of accounts of firm ( Like Sales , Purchases statement)
4. Balance sheet & Profit loss statement
5. Income Tax computation sheet
6. Tax Paid challans & 26 AS Details
7. Digital Signature
8. Advance Tax callans 9. 26 AS
