Introduction

Corporate tax filing is a mandatory annual obligation for all registered companies in India, including private limited, public limited, and foreign companies operating in India. It involves submitting the Income Tax Return (ITR) to the Income Tax Department, reporting income, expenses, deductions, and tax liabilities for the financial year.

🏛️ Who Needs to File Corporate Tax Returns?

All companies registered under the Companies Act are required to file tax returns, regardless of whether they have made a profit, incurred a loss, or conducted no business in the financial year.

This includes:

• Private Limited Companies

• Public Limited Companies

• One Person Companies

• Foreign Companies with operations in India

🗓️ Due Date for Corporate Tax Filing

• Without audit: July 31 of the assessment year

• With audit: October 31 of the assessment year

• With Transfer Pricing Report (international/domestic transactions): November 30 of the assessment year

🧮 Corporate Tax Rates (FY 2024-25)

• Domestic Companies:

  • 25% (if turnover < ₹400 crore in previous year)

  • 22% (under Section 115BAA without exemptions/deductions)

  • 15% (for new manufacturing companies under Section 115BAB)

• Foreign Companies:

  • 40% (plus applicable surcharge and cess)

📝 Key Components of Corporate Tax Filing

• Computation of total income and tax liability

• Filing of Income Tax Return (ITR-6) online using Digital Signature

• Reporting of TDS and TCS details

• Disclosure of audit report under Section 44AB (if applicable)

• Reporting of international/domestic related party transactions

✅ Documents Required

• PAN and TAN of the company

• Financial statements (Balance Sheet, P&L Account)

• Tax audit report (if applicable)

• Details of deductions and exemptions

• TDS/TCS certificates

• Details of advance tax and self-assessment tax paid

⚖️ Consequences of Non-Filing

• Penalty of up to ₹10,000 under Section 234F

• Interest under Section 234A/B/C

• Disallowance of business expenses

• Prosecution in case of willful default

🎯 Benefits of Timely Corporate Tax Filing

• Avoid penalties and legal consequences

• Maintain financial discipline

• Easier access to loans and funding

• Improved creditworthiness

• Smooth processing of refunds and tax benefits

🧑‍💼 Role of Tax Professionals

• Accurate computation of taxable income

• Preparation and filing of ITR with supporting schedules

• Tax planning to optimize liability

• Compliance with latest amendments and notifications

• Representation before tax authorities, if needed

📘 Conclusion

Corporate tax filing is more than a statutory obligation—it's a vital aspect of corporate governance and financial planning. Timely and accurate tax filing enhances the credibility of the company and reduces legal risks. Partnering with experienced tax professionals ensures smooth compliance and maximizes tax efficiency.