Corporate Tax Return Filing

Professional assistance is indispensable in corporate tax filing due to the intricacies of tax laws and their constant evolution. Reach out to us to avail expert support for tax filing today!

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Steps to file your Income Tax Return online

Consultation and Document Collection

Consult with our experts, who will guide you the required information and documents for your corporate tax return filing.

ITR Form Selection & Completion

We will determine the most appropriate Income Tax Return Form for your business based on its nature, income level, and specific activities.

Submission and Payment Assistance

We will take care of the submission of your return through the online portal of the IT Department. If there is a tax liability, our team will guide you through the process of making the payment using approved methods.

Overview

The corporate tax also known as a corporation tax is a direct tax levied on net income, Capital gains, and profits made by entities both domestic and foreign. This tax is imposed at a specific rate as per the provision of Income Tax Act of 1961. The company tax rate is based on the type of entity and revenue earned. The slab rate system outlines the corporate tax rate levied on it, and it differs for domestic and foreign companies.

Corporate Tax Return - Types

ITR-1: The primary ITR form designed for domestic companies with a total income of up to ₹50 lakhs
ITR-2: Companies with a total income surpassing ₹50 lakhs
ITR-3: Companies involved in specific activities like banking, insurance, and finance
ITR 6: Applicable to all Companies, excluding those claiming deduction under Section 11 of the IT Act.
ITR 7: Companies registered under Section 8 of the Companies Act, 2013

Documents Required

Private Limited Company
~Certificate of Incorporation
~PAN card of Company
~AOA & MOA
~Resolution signed by board members
~Identity and address proof of directors
~Digital Signature
~Director’s Proof
LLP
~PAN Card of LLP
~LLP Agreement
~Partners’ names and address proof
~Director’s Proof
Individual/Proprietorship
~PAN Card
~Address proof of proprietor

Current Corporate Tax Rates in India

Tax Rate for Domestic Companies: The Tax rate for the year 23-24 are:
~Total Turnover or Gross Receipts during the previous year 20-21 does not exceed ₹ 400 crores: 25%
~If opted for Section 115BA: 25%
~If opted for Section 115BAA: 22%
~If opted for Section 115BAB: 15%
~Any other: 30%
Surcharge: An additional amount of income tax will be added at the specified rate of that tax:
7% – Taxable income above ₹ 1 crore – Up to ₹ 10 crore
12% – Taxable income above ₹ 10 crore
10% – If the Company opts for taxability under Section 115BAA or Section 115BAB

Tax Rate for Foreign Companies: For foreign companies not registered under the Indian Companies Act, 2013 with management and control situated outside India, the following tax rates apply:
~Royalty or technical service fees received under pre-approved agreements with the Indian concern made between specific dates before April 1976: 50%
~Any other income: 40%
Surcharge: An additional amount of income tax will be added at the specified rate of that tax:
2% – Taxable income above ₹ 1 crore – Up to ₹ 10 crore
5% – Taxable above ₹ 10 crore

Corporate Tax Planning

Corporate tax planning is crucial for a business to grow at a high degree. Proper planning allows a firm to make best use of deductions, tax exemptions and tax benefits with much lower tax liability. Its primary objective is to increase the savings, reduce tax liability, make productive investments, terminate litigations and achieve overall stability in the company economy. The following aspects have to be taken into account while conducting a corporate tax planning.
~Claim appropriate exemptions claim deductions under various income heads
~Availability the expenses with respect to the accounts
~Capitalise your assets
~Claim deductions on depreciation and additional depreciation
~Analyse unabsorbed depreciation
~Make use of bad debts to avail tax benefits

Why BizReg?

Our tax experts ensure accurate and compliant filings, helping businesses maximize deductions, minimize errors, and strategically plan for tax efficiency. Beyond compliance, we offer audit support, legal compliance, and customized advice, providing businesses with the expertise needed for optimal financial management and peace of mind in their tax-related endeavors. This not only saves time and resources but also positions companies to navigate the complexities of tax regulations with confidence.