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ITR filing for Private Limited companies as per income tax act 1961

For Private Limited Companies in India, the filing of Income Tax Returns (ITR) is governed by the Income Tax Act, 1961. Here are the key points related to ITR filing for Private Limited Companies:

1. Financial Statements:

- Private Limited Companies need to prepare audited financial statements, including the Profit and Loss Account and the Balance Sheet.

2. Tax Audit:

- Private Limited Companies are required to undergo a tax audit under Section 44AB of the Income Tax Act if their turnover exceeds the specified limit.

3. Form ITR-6:

- Private Limited Companies typically file their income tax returns using Form ITR-6. This form is specifically designed for companies, including Private Limited Companies.

4. Auditor's Report:

- The company's auditor needs to provide an audit report along with the filing of the income tax return.

5. Tax Computation and Payment:

- The company needs to compute its income as per the provisions of the Income Tax Act and pay the applicable taxes.

6. Due Date:

- The due date for filing income tax returns for companies, including Private Limited Companies, is generally September 30th of the assessment year. However, this date may be subject to change, and the government may announce extensions or amendments.

7. Digital Signature:

- Filing the income tax return for a Private Limited Company often requires a digital signature.

Due date for ITR Filling Private Limited companies

As of my last knowledge update in January 2022, the due date for filing Income Tax Returns (ITR) for Private Limited Companies in India, under the Income Tax Act, 1961, is generally September 30th of the assessment year. However, this deadline can be extended by the government.

If a Private Limited Company is required to undergo a tax audit under Section 44AB of the Income Tax Act, the due date for filing the tax return is typically extended to a later date, often around the end of November.

Documents required for ITR filling Private Limited companies

When filing Income Tax Returns (ITR) for Private Limited Companies in India, you typically need various documents to ensure accurate and complete reporting. Here are some essential documents required for ITR filing for Private Limited Companies:

1. Financial Statements:

- Audited Profit and Loss Account.

- Audited Balance Sheet.

2. Tax Audit Report:

- A tax audit report is required if the company's turnover exceeds the specified limit.

3. Form ITR-6:

- Private Limited Companies usually file their returns using Form ITR-6, designed for companies.

4. Audit Report:

- Auditor's report on the financial statements.

5. Bank Statements:

- Statements of all bank accounts maintained by the company.

6. Tax Challans:

- Proof of tax payments made during the financial year.

7. TDS Certificates:

- Certificates for tax deducted at source (TDS) on various payments.

8. PAN Card and TAN:

- Permanent Account Number (PAN) of the company.

- Tax Deduction and Collection Account Number (TAN).

9. Details of Directors/Partners:

- PAN and Aadhaar details of directors/partners.

10. Details of Shareholders/Partners:

- PAN and Aadhaar details of shareholders/partners.

11. Details of Loans:

- Details of any loans taken or given by the company.

12. GST Returns:

- Goods and Services Tax (GST) returns if applicable.

13. Any Other Relevant Documents:

- Any other documents relevant to the company's financial transactions, investments, or liabilities.