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ITR stands for Income Tax Return. The Income Tax Act, 1961 governs all the ITR forms and procedures to be followed.
Income Tax Return (ITR) is a form in which the taxpayers file information about his income earned and tax applicable to the income tax department.
Income Tax Return Filing is the form in which the assessee files information about his/her Income and tax thereon to the Income Tax Department. Various forms are ITR 1, ITR 2, ITR 3, ITR 4, ITR 5, ITR 6 and ITR 7.
It is mandatory to file income tax returns (ITR) in India if any of the conditions mentioned below are applicable to you:-
1. If your gross annual income is more than the basic exemption limit as specified below-
For individuals below 60 years Rs 2.5 Lakh
For individuals above 60 years but below 80 years Rs 3.0 Lakh
For individuals above 80 years Rs 5.0 Lakh
2. If you want to claim an income tax refund from the department.
3. If you have earned from or have invested in foreign assets during the FY.
4. If you wish to apply for a visa or a loan
5. If the taxpayer is a company or a firm, irrespective of profit or loss.
Advantages of ITR Filing For Company:-
1. Easy Loan Processing
2. Allow Carry Forward Losses.
3. Define Net Worth.
4. Deduction on expenses incurred in setting up a business.
Document Required:-
1. PAN card of the company.
2. Basic details of all the directors and shareholders.
3. MOA of the company.
4. Books of Accounts.
Website:- https://www.legalwindow.in/itr-filing-for-company/
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