When must a company tax return be filed?

A company tax return is an income tax return. The return is a statement of income and expenditure of the business. All taxpayers must remember the deadline for filing their income tax returns. The company /business subject to audit can file their returns by October 31 of the assessment year. If a taxpayer has an international or specified domestic transaction who is required to furnish a report in Form No. 3CEB, the due date is November 30. Taxpayers who file their returns after the due date must incur interest and a levy under sections 234A and 234F.

Company tax return

As mentioned above, A company tax return is an income tax return. The return is a statement of income and expenditure of the business. Also, any tax to be paid on the profits made by the company is declared in this return. The return also contains details of the assets and liabilities held by the business. Items like fixed assets, debtors and creditors of the company, loans taken, and loans given are declared here.

Who is required to file a company tax return?

All companies registered in India must file income tax returns annually. Company tax returns are filed under two categories under the Income Tax Act: domestic or foreign company.

Domestic company

An organization registered with the Ministry of Corporate Affairs, such as a Private Limited Company, One Person Company, or Limited Company, is classified as a domestic company.

Foreign company

As per Section 2(23A), "foreign company" means a company that is not domestic.

When must a company tax return be filed?

The due dates for filing a return of income by a Company are October 31.
If an assessee has an international or specified domestic transaction that is required to furnish a report in Form No. 3CEB, the due date is November 30.

Refer to the following table for a better understanding.

Category of Taxpayer	Due Date for Tax Filing	Due Date for Tax Filing For AY 2023-24
Individual / HUF/ AOP/ BOI (books of accounts not required to be audited)	July 31	July 31, 2023
Businesses (Requiring Audit)	October 31	October 31 2023
Businesses (Requiring TP Report)	November 30	November 30, 2023

Note: Returns can be revised up to three months before the end of the applicable assessment year or before the assessment is completed, whichever is earlier.

Documents required for company tax return

ITR return forms are attachment-less forms; hence, the taxpayer does not need to attach any document along with the return of income. However, the documents (like proof of investment, TDS certificates, etc.) should be retained by the taxpayer and produced before the tax authorities when demanded in situations like assessment, inquiry, etc. If the taxpayer is required to furnish an audit report under the following section of the Income tax act shall provide it electronically on or before the due date of filing the return of income.

Section 10(23C)(v),
Section 10(23C)(vi) and 10(23C)(via)
Section 10A,10AA and 12A(1)(b)
Section 44AB, 44DA, 50B
Section 80-IA,80-IB,80-IC,80-ID, 80JJAA
Section 80LA,92E,115JB or 115VW

Applicable ITR forms for company tax return

A company must file its return of income electronically under a digital signature. The following forms are applicable for company tax returns.

ITR 6 - For Companies other than companies claiming exemption under section 11PDF
ITR 7 - For persons including companies required to furnish returns under sections 139(4A)/139(4B)/139(4C)/139(4D) only
ITR - A relating to the return of income required to be filed under section 170A as a result of a business reorganization

Belated Income tax Return

A belated income tax return can be filed by an individual who has missed the deadline for filing an original return. So a taxpayer who has not filed the income tax return on the due date can file a belated ITR. In such cases, a fee of Rs.5000 is processed. Anything later than December 31, you will have to pay a fine of Rs.10,000. A revised income tax return can also be filed if a mistake was made when filing an original income tax return.

Penalty for company tax return

Not filing an ITR by the due date may invite an Rs.10 000 penalty and other consequences per the Income Tax Rules. A delay in ITR filing can also lead to interest on the tax payable under Section 234A of the Income Tax Act 1961. Note: It's important to note that the due date may change based on government notifications and announcements. It's advisable to keep track of any updates and changes in the filing deadlines to avoid penalties or legal consequences.