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Corporate Tax Return

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Corporate Tax Return

The tax scenario is characterized by a robust regulatory framework in India. The law requires every corporate and even foreign firms that are operating in India to submit their corporate tax return. Failure to adhere to these regulations attracts hefty penalties and reduces the level of transparency, and thereafter their credibility.

We at AKM Global provide expert assistance in preparing and filing corporate tax returns. This is important to analyze how the entity has been reporting its earnings and expenses to the government to adequately determine the taxes. Besides, it is mandatory for every company operating in India to file its tax return in India including foreign companies.

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Our services include

  • Collating and maintaining necessary documentation and supporting evidence for income tax filings.
  • Identifying and applying for available tax credits and incentives to reduce the overall tax liability of the company.
  • Assisting with tax compliance for international operations, including handling foreign income with respect to availing the benefit of double taxation avoidance agreements with the respective country.
  • Preparing consolidated tax returns for groups of companies, including intercompany eliminations and adjustments.
  • Submitting the corporate tax return before the due date to meet all regulatory requirements and to avoid penalty.
  • Understanding and evaluating the tax positions in line with the judicial precedents.
  • Answering queries or notices received from any tax authority and dealing with the issues that arise, if any.
  • Re-filing amended tax returns if any amendment needs to be made in the previously filed returns.

Our team of experienced professionals enable businesses to navigate the complexities of tax compliance effectively, thereby leading to substantial growth and improvement. Our efficient management streamlines the tax filing process, thereby reducing the risk of errors and penalties.

Frequently Asked Questions (FAQs)

Who needs to file corporate tax returns in India?

Every enterprise operating in India must submit an income tax return, regardless of whether they are earning profits or incurring losses. Companies that are not listed, private limited companies, limited liability partnerships, and businesses of other nations operating in India must likewise file income tax returns.

What is the due date for filing of corporate tax return in India?

As per the compliance, corporate tax return is required to be filed on or before 31st October of the assessment year. However, if transfer pricing rules are applicable to the company, then the due date is 30th November.

What are the consequences of not filing corporate tax returns on time?

Not filing the necessary corporate tax returns within the stipulated timeframe may lead to penalties of up to INR 5,000, as defined by Section 234F of the compliance. In addition, the organization should obtain interest on the unpaid taxes and interact with prosecution in line with the determination of the corresponding taxation authority.