Company Tax Filing in India: A Complete Guide

Filing taxes is an essential responsibility for every company operating in India. Whether you’re a startup or a well-established corporation, staying compliant with the Income Tax Department is not just a legal obligation—it also helps maintain transparency and financial health. In this blog, we’ll break down everything you need to know about company tax filing in India, including types of companies, due dates, procedures, and penalties.

📌 Types of Companies That Need to File Taxes

In India, all registered companies—whether public or private—must file income tax returns (ITRs) annually. The common types include:

• Private Limited Company

• Public Limited Company

• One Person Company (OPC)

• Limited Liability Partnership (LLP) (taxation under partnership rules)

• Foreign Companies operating in India

🧾 Income Tax Rates for Companies (FY 2024-25)

The applicable corporate tax rate depends on the type and turnover of the company:

Domestic Companies:

• 25% – If turnover/gross receipts in the previous year ≤ ₹400 crore

• 30% – For other companies

• 15% – For new manufacturing companies under section 115BAB (conditions apply)

• 22% – For other domestic companies under section 115BAA (conditions apply)

Note: Surcharge and cess are extra as per applicable rules.

🗓️ Due Dates for Tax Filing

• Companies that require audit: 31st October of the Assessment Year

• Companies not requiring audit: 31st July of the Assessment Year

• Transfer Pricing cases (international transactions): 30th November

Missing these deadlines can attract interest and penalties.

✅ Documents Required for Tax Filing

To file your ITR, companies should prepare the following:

• PAN and TAN of the company

• Audited financial statements

• Tax audit report (if applicable)

• Details of TDS/TCS

• GST returns (for reconciliation)

• Previous year’s tax returns

• Statement of Profit & Loss and Balance Sheet

🧮 Procedure for Company Tax Filing

1. Gather and prepare financial records

2. Audit the accounts (if required)

3. Calculate taxable income and determine applicable deductions

4. Pay advance tax if liability exceeds ₹10,000

5. File ITR using Form ITR-6 (most common for companies)

6. Verify filing through DSC (Digital Signature Certificate)

Note: LLPs use Form ITR-5.

⚠️ Penalties for Non-Compliance

Filing taxes late or incorrectly can lead to hefty penalties:

• ₹5,000 to ₹10,000 for late filing under Section 234F

• Interest under Section 234A/B/C for late payment

• Prosecution under Section 276CC for willful failure

💡 Expert Tip

Companies often benefit from tax planning strategies such as:

• Claiming deductions under sections like 80JJAA, 35AD, etc.

• Using depreciation and carry-forward losses

• Proper classification of income and expenses

Consulting a qualified Chartered Accountant (CA) can help you optimize tax liability and stay compliant.

🏁 Final Thoughts

Company tax filing in India is a structured yet evolving process. With digital initiatives by the Income Tax Department, filing has become more streamlined, but compliance remains critical. Keeping track of deadlines, preparing accurate documentation, and seeking professional advice when needed can save your company time, money, and legal hassle.

Ready to file your company tax return? Make sure you stay ahead of deadlines and stay compliant.