A tax return is documentation filed with a tax authority that reports income, expenses, and other relevant financial information. On tax returns, taxpayers calculate their tax liability, schedule tax payments, or request refunds for the over-payment of taxes. In most places, tax returns must be filed annually.

Does my company have to file a tax return?

All businesses except partnerships must file an annual income tax return. If you do not pay your tax through withholding, or do not pay enough tax that way, you might have to pay estimated tax. If you are not required to make estimated tax payments, you may pay any tax due when you file your return.

When should a company file income tax return?

If your total income before deductions is above the basic taxable limit you need to compulsorily file your income tax return irrespective of profit or loss in your business. The basic taxable limit is Rs. 2.5 lakh. So, if your income before deductions is above Rs 2.5 lakh you need to file your business tax return.

What should I consider before filing my tax return?

Article compiles 25 Important Points to be Considered before Filing of Income Tax Return for Financial Year 2017-18 / Assessment Year 2018-19. 1. Use Correct ITR Form Income from items in ITR 1 which is more than Rs. 50 lakh. 2. Consequences Of Not Filing Of ITR In Time 1. Notice may be issued u/s 142 (1) for non-filing of income tax return. 2.

Why do companies need to file income tax return?

Income Tax return filling helps companies in taking loan from various Financial Institutions. Most of the banks and NBFCs ask for ITR receipts from business for latest three year when a business applies for a high-value loan like long term loan or working capital loan.

When is due date to file income tax return?

Due Dates of filing return of Income for Individual : It is 31st July of the assessment year (i.e. 31st Jul 2018 for FY 2017-18). If total income exceeds the maximum amount not chargeable to tax does not file ITR, is liable to pay late fees.

Do you have to file tax return in physical form?

E-Filling is compulsory for assessee (being individual or HUF) who is claiming Refund or Total Income exceeds Rs. 5,00,000/-: Till the assessment year 2014-15, individuals or HUFs, who were otherwise not liable to file the return of income electronically, could claim the tax refund by filing a return of income in physical form.