Income Tax Filing for Companies

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Income Tax Filing for Companies

Income tax is levied on an individual’s salary, assessed, and handled by the central government. It is collected in the same financial year as advance tax. The amount and tax liability are suggested and estimated in the assessment year. This information form is called an income tax return. 

The presumptive taxation plan can be used for businesses with a turnover of up to 2 crores. For 2016-17, the expected income from tax prices below the system is 8%. As a result, if a company’s total revenue in 2016-17 were Rs 1.0 crore, the taxable income would be Rs 8 lakh.  All companies filing in India must file income tax returns on or before 30 September every year. Company tax return filing under the Income Tax Act falls into domestic or foreign companies. 

Companies like Pvt. Ltd. Company, One Person Company, or Limited Company are classified as domestic companies in India. So they have to go through filing Income Tax Return for Private Limited Company.

Advantages of Income Tax Return for Companies

  • Allows the loss to be carried forward: The majority of firms lose money in their early years. When filing an ITR, a business loss or capital loss can be carried forward for an additional eight years, lowering future taxable income. The taxpayer loses this advantage if an ITR is not submitted.
  • Define Financial Value: The ITR determines the taxpayer’s financial value submitted to the government. The ITR track indicates a person’s financial capacity and expands their capital foundation. As a result, the ITR previously filed determines the method of income and economic worth. As a result, investors and institutions are eagerly awaiting the filing of returns to learn more about the company’s prospects.
  • Loan Processing and High-Risk Cover: The numbers and capital base defined by the income tax return are helpful for loan processing. The higher the financial value, the easier the loan processing. ITR is an essential document for decision-making in this regard.
  • Income Tax Refund: The filing of tax returns is not done only to fulfill the moral and social obligations of every citizen of the country. If you want to proclaim an income tax refund, filing an income tax return becomes mandatory. 

Documents Required

  • Aadhar Card
  • PAN
  • Tax-Savings Investment Proofs
  • Interest certificates from Post Offices & Banks
  • Home Loan statement from NBFC/Bank
  • Form-16
  • Form 26AS
  • TDS certificates
  • Capital Gains

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