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Income Tax Return Of Company And LLP


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About Income Tax Return Of Company And LLP

Companies registered and operating a business In India for profit must File Form ITR 6. Private limited companies, limited companies, and one person companies are required to file Form ITR6.

LLPs must file income tax return using Form ITR 5. Form ITR 5 can be filed online through the income tax website using the digital signature of the designated partner. After filing LLP tax return, it is advisable for the taxpayer to print two copies of Form ITR-V.

Applicability

ITR-5 Form can be used by Firms, Limited Liability Partnerships(LLPs), Association of persons(AOPs) and Body of Individuals(BOIs), Artificial Juridical Person, Cooperative society and Local authority, provided they are not required to file the return of income under section 139(4A) or 139(4B) or 139(4C) or 139(4D) (i.e., Trusts, Political party, Institutions, Colleges, etc.).

Individuals, HUFs (Hindu Undivided Families), Companies cannot use the ITR-5 Form.

ITR-6 Form can be used only by Companies. Only companies that are not claiming exemption under section 11 (Income from property held for charitable or religious purposes) can use the form to file their Tax Returns with the Income Tax Department of India.

Penalty

Taxpayers who do not file their income tax return on time are subject to penalty and charged an interest on the late payment of income tax. Also, the penalty for late filing income tax return on time has been increased recently. The penalty for late filing income tax return is now as follows:

Late Filing between 1st August and 31st December - Rs.5000

Late Filing After 31st December - Rs.10,000

Penalty if taxable income is less than Rs.5 lakhs - Rs.1000

Due Dates

The due date for income tax return filing is 31st July of every year for individual taxpayers.

The due date for income tax return filing for companies and taxpayer requiring tax audit is 30th September.

Section 44AD of the Income Tax Act deals with tax audit under Income Tax Act.

Process

Frequently Asked Questions

ITR-5 must be filed by firms, LLPs (Limited Liability Partnerships), AOPs (Association of persons) and BOIs (Body of Individuals), artificial juridical person, cooperative society and local authority.

ITR-5 cannot be filed by Taxpayers who fall under the below category :

Assessees who are required to file the return of income under section 139(4A) or 139(4B) or 139(4C) or 139(4D) (i.e., Trusts, Political party, Institutions, Colleges, etc.)

Individuals, HUFs (Hindu Undivided Families), Companies

ITR-5 form is to be used when the assessee is one of the following :

  • Firms
  • LLPs (Limited Liability Partnerships)
  • AOPs (Association of persons)
  • BOIs (Body of Individuals)
  • Artificial juridical person
  • Cooperative society
  • Local authority

Due date for filing the income tax return is 31st August.

ITR-6 must be filed by companies that are not claiming exemption under section 11 (Income from property held for charitable or religious purposes)

ITR-6 cannot be filed by Taxpayers who fall under the below category :

  • Individuals, Hindu Undivided Family (HUF), Firm, Association of Person (AOP), Body of Individuals (BOI), Local Authority and Artificial Judiciary Person
  • Companies that claim exemption under section 11 (Income from property held for charitable or religious purposes)

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