Detailed Overview
Strategic Corporate Tax Planning & Compliance
For Private Limited Companies, LLPs, and Proprietorships, filing corporate income tax is fundamentally different and far more complex than individual ITR filings. Governed by the Income Tax Act, 1961, businesses are required to prepare a formal Profit and Loss Account and Balance Sheet, calculate Depreciation as per the Companies Act and IT Act, and reconcile their revenues with GST returns before filing Form ITR-3, ITR-4, ITR-5, or ITR-6. Any discrepancy between your GST outward supplies (GSTR-1) and your Income Tax revenue declaration immediately triggers a scrutiny notice.
Moreover, depending on the turnover, businesses may be subject to a mandatory Tax Audit under Section 44AB by a practicing Chartered Accountant. Our premium tax advisory team doesn't just fill out forms; we conduct a thorough pre-filing audit. We strategically plan your allowable business expenditures, ensure exact compliance with MAT (Minimum Alternate Tax) and AMT (Alternate Minimum Tax) provisions, and leverage the latest concessional corporate tax regimes (like Section 115BAA offering a 22% flat rate) to legally minimize your total tax outflow.
At GST Times, we take the legal complexity out of the picture. Our system reviews your files, coordinates with government registrars, handles all clarifications, and delivers your certificate securely to your dashboard online.
Core Benefits & Advantages
Registering for this compliance/setup unlocks critical legal and commercial opportunities for your brand:
Optimize Depreciation Claims
We precisely calculate block-wise depreciation under the IT Act, which is often higher than the Companies Act depreciation, lowering your taxable corporate profit.
100% GST Reconciliation
We ensure your corporate tax turnover exactly matches your filed GSTR-9 (Annual GST Return), preventing catastrophic mismatches and scrutiny notices.
Concessional Tax Regimes
Our CAs evaluate if your company is eligible for the highly beneficial Section 115BAA or 115BAB, potentially slashing your corporate tax rate from 30% to 15% or 22%.
Loss Carry Forward
If your startup is burning cash, filing corporate tax on time is the only legal method to carry forward business losses to offset profits for the next 8 years.
Required Documents Checklist
You only need to upload scan copies or photographs of these basic documents. No physical paperwork is required:
Financial Statements
- Finalized Profit & Loss Account and Balance Sheet for the Financial Year.
- Trial Balance and General Ledger dumps from Tally/Zoho.
Statutory Data
- Bank Account Statements for all corporate accounts.
- Form 26AS and AIS to cross-verify all TDS deducted by your clients.
- Audit Report under Sec 44AB (if turnover exceeds the specified threshold).
Our Step-by-Step Filing Process
We complete your work in four simple milestones, keeping you informed at every turn:
1
Financial Finalization
Our accounting team finalizes your books, passes necessary adjustment entries, and prepares the statutory financial statements.
2
Tax Computation & Strategy
We calculate your corporate tax liability, factoring in all allowable deductions, MAT credits, and unabsorbed depreciation.
3
Form Drafting (ITR-5/ITR-6)
We meticulously map your balance sheet schedules to the complex XML utility of the Income Tax portal, ensuring zero validation errors.
4
Filing & E-Verification
We upload the return using the Digital Signature Certificate (DSC) of the authorized director/partner and deliver the ITR-V acknowledgment.
Frequently Asked Questions (FAQs)
Got doubts? Here are direct answers from our expert Chartered Accountants:
Is Tax Audit mandatory for my business?
A Tax Audit under Section 44AB is mandatory if your business turnover exceeds ₹1 Crore (or ₹10 Crores if 95% of your receipts and payments are made digitally through banking channels).
Can a company opt for the Presumptive Taxation Scheme?
No. Private Limited Companies and LLPs cannot opt for the presumptive taxation scheme under Section 44AD. Only resident Individuals, HUFs, and Partnership Firms are eligible.
What is the due date for filing Corporate ITR?
For businesses not requiring an audit, the deadline is 31st July. For companies and LLPs that require a statutory/tax audit, the filing deadline is 31st October of the Assessment Year.
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