Income Tax Return For Companies

Income Tax Return For Companies

Companies are required to pay income tax on their profits. The rate of tax for companies is currently 30%. However, there are a number of deductions and exemptions available to companies, which can reduce the amount of tax that is payable.

The following are some of the deductions and exemptions that are available to companies:

  1. Depreciation
  2. Interest on loans
  3. Donations to charitable organizations
  4. Export incentives
  5. Investment in infrastructure
  6. R&D expenses

The deadline for filing an income tax return for a company is usually 30th September of the following year. However, if the company has a turnover of more than ₹100 crore, the deadline is 31st July of the following year.

If a company fails to file its income tax return within the prescribed time limit, it may be liable for a penalty. The penalty for late filing of return is ₹5,000.

Business people and bankers with money illustration



Lorem ipsum dolor sit amet, consectetur adipiscing elit. Donec r, Mit Malesuada Non Leo A, Vehicula Ornare Nibh.