Introduction
Filing Income Tax Return (ITR) for a Private Limited Company is a mandatory annual compliance under the Income Tax Act, irrespective of profit or loss. Even dormant or non-operational companies must file returns within the prescribed due date to avoid penalties, notices, and prosecution.
This Saving Mantra guide explains the step-by-step process for filing Income Tax Return for a Pvt Ltd company, applicable forms, due dates, documents required, audit requirements, and compliance best practices.
Is ITR Filing Mandatory for Pvt Ltd Companies?
Yes. Every Private Limited Company registered in India must file ITR every year, even if:
- No business activity is carried out
- There is no income
- The company is in loss
- Bank accounts are inactive
Non-filing can lead to heavy penalties and legal consequences.
Which ITR Form Is Applicable for Pvt Ltd Company?
- ITR-6 is applicable for Private Limited Companies
- Applicable to companies not claiming exemption under Section 11
Due Date for ITR Filing (Pvt Ltd Company)
| Category | Due Date |
|---|---|
| Company not requiring audit | 31st July |
| Company requiring audit | 31st October |
| Company with transfer pricing | 30th November |
Late filing attracts penalties and interest.
Documents Required for ITR Filing
- PAN card of company
- Certificate of Incorporation
- MOA & AOA
- Financial statements (Balance Sheet & P&L)
- Tax Audit Report (if applicable)
- Bank statements
- TDS certificates (Form 16A / 26Q)
- Details of directors and shareholders
- Previous year ITR acknowledgment
Step-by-Step Process for Filing ITR for Pvt Ltd Company
Step 1: Prepare Financial Statements
Prepare:
- Balance Sheet
- Profit & Loss Account
- Notes to accounts
These must comply with Companies Act and Income Tax Act.
Step 2: Conduct Tax Audit (If Applicable)
Tax audit is mandatory if:
- Turnover exceeds prescribed limits
- Company opts for specific tax provisions
Audit report must be uploaded before filing ITR.
Step 3: Calculate Tax Liability
Compute:
- Taxable income
- Applicable corporate tax rate
- MAT (if applicable)
- Surcharge & cess
Adjust advance tax and TDS credits.
Step 4: Login to Income Tax Portal
Visit https://www.incometax.gov.in
Login using company PAN credentials.
Step 5: Select ITR-6
Go to:
e-File → Income Tax Returns → File Income Tax Return
Select:
- Assessment Year
- ITR-6
- Filing mode (online/offline)
Step 6: Fill ITR Details
Enter:
- General company information
- Director and shareholding details
- Financial data
- Tax computation
- MAT & depreciation details
Step 7: Verify and Submit ITR
Verify using:
- Digital Signature Certificate (DSC) (mandatory for companies)
Once submitted, ITR acknowledgment is generated.
Penalty for Late Filing of ITR
- ₹5,000 if filed after due date but before 31st December
- ₹10,000 if filed after 31st December
- Interest under Section 234A/B/C
Non-filing may lead to prosecution.
Common Mistakes to Avoid
- Missing due dates
- Incorrect selection of ITR form
- Mismatch in financial statements
- Ignoring MAT provisions
- Filing without DSC
- Not reconciling Form 26AS / AIS
Benefits of Timely ITR Filing
- Avoid penalties and interest
- Smooth statutory audits
- Better creditworthiness
- Legal compliance
- Hassle-free future funding or closure
Why Choose Saving Mantra for ITR Filing?
- Expert corporate tax professionals
- Accurate ITR-6 preparation
- Audit and compliance coordination
- DSC and portal handling
- End-to-end tax advisory support
Frequently Asked Questions (FAQs)
Is ITR filing mandatory for loss-making companies?
Yes, ITR filing is mandatory even if the company incurs losses.
Is DSC compulsory for Pvt Ltd ITR filing?
Yes, Digital Signature Certificate is mandatory.
Can a Pvt Ltd company file ITR without audit?
Yes, if audit provisions are not applicable.
Can ITR be revised after filing?
Yes, revised return can be filed within the prescribed time limit.
Conclusion
Filing Income Tax Return for a Private Limited Company is a critical statutory obligation. Proper preparation of financials, correct tax computation, and timely filing ensure compliance and protect the company from penalties and legal risks.
Professional handling simplifies the process and ensures complete accuracy.
Disclaimer
This article is for informational purposes only and does not constitute legal, accounting, or tax advice. Income Tax laws and compliance requirements are subject to change. Readers are advised to consult qualified professionals or contact Saving Mantra before making any tax-related decisions.