A Comprehensive Guide to Submit ITR Form for Private Limited Company

A Comprehensive Guide to Submit ITR Form for Private Limited Company

Tax return forms enable the taxpayer to declare their expenses, income, investments, deductions, taxes etc. Most people perceive filing tax returns as a cumbersome task and dismiss it as unnecessary. However, skipping the process of income tax return filing for PVT LTD company isn't a wise thing to do. We highly recommend that responsible citizens file their returns annually; every working professional must consider it a moral duty. Filing the ITR form for a Private Limited Company has several advantages, like acting as a legal document, claim deductions, etc. It is a mandatory process, and one must strictly abide by the due dates of filing the returns to avoid penalties. Keep reading till the end to learn more about the procedure of filing the ITR form for a Private Limited Company.

How to file Income Tax Return for a Private Limited Company?

Filing the ITR for PVT LTD Company can be conducted online on the income tax portal. It starts with preparing all the accounts books of the company. The company's books of account provide a clear overview of the firm's expenditures, income, assets, liabilities, net profit etc.

Based on the annual account books, the next step includes preparing the company's financial statement given the Income Tax Act and Companies Act. This is followed by preparing the computation sheet of income tax on PVT LTD Company to finalise the net income tax payable, TDS deducted, advanced tax paid for the company etc. Income tax return filing for PVT LTD Company needs to file the ITR Form- 6 while some companies operating under a trust or legal obligation need to file Form- 7.

Due Date for Company Tax Return Filing

The due date for filing the ITR form for Private Limited Company is 30th September. This PVT LTD Company income tax return due date is the same even for the income tax applicable for the company tax audit under section 44AB.

Section 234F of the Income Tax Act of 1961 imposes late filing penalties of up to Rs 10,000 for failure to file a company's income tax return. After 18 months in the first year of their formation, businesses formed between January and March are permitted to file their returns with MCA. Suppose the return is submitted after the income tax return due date for a private limited company for submitting an income tax return. In that case, any loss suffered during the year cannot be carried forward. So, we recommend any Private Limited Company file their taxes on time.

Documents Required for Company Tax Return Filing

When filing income tax returns, we advise companies to have the essential income tax returns documents ready before the due date. It involves reporting the company's annual financial reports in detail. ITR filing consists of the company's information, address, business type, director's details, gross/sales receipts, assets, expenses, liabilities etc.

The list of documents required for filing income tax returns for PVT LTD company is as follows:

  • PAN of Company
  • Books of accounts of a firm (Like Sales, Purchases statements)
  • Address Proof, Contact details of the company, directors
  • Balance sheet & Profit loss statement
  • Tax Paid challans & 26 AS Details
  • Income Tax computation sheet
  • Advance Tax challans
  • Digital Signature

Type of Tax Return to be Filed by Company

There are two types of income tax returns. If the assessee is filing a tax return on behalf of a company and is not claiming Section 11 exemption, they may utilise this form. Companies that receive revenue from assets kept for charity or religious purposes are free from taxation under Section 11.

Use this form to file the LTD Company tax return for charitable and religious trusts requesting a tax exemption as per the Section 11 of the Act. However, the Act's exemption cannot be rejected just because the assessee missed the deadline for submitting the return.

Income Tax Rate for Private Limited Company

Introductory Rate:

The income tax rate for Private Limited Company in India is applicable as follows:

  • If the company's gross turnover exceeds 250 crores in the last year, the rate for filing the ITR form is 25%.
  • If the company's gross turnover exceeds 250 crores, the income tax rate for a private limited company in the previous year would be 30%.


The amount of the appropriate surcharge in the ITR form for a private limited company is added to the income tax number calculated using the rates mentioned above and any applicable refunds.

  • A 7% rate will be applied to the calculated total income if the income is higher than INR 1 crore.
  • A 12% rate will be applied to the calculated total income if the income is higher than INR 10 crore.

So, that’s all for today! As one of the finest Income tax auditing services in Bangalore, at Manoj Kumar D & Associates, we highly recommend filing the ITR form for a Private Limited Company. Our team stands with a team of experienced professionals offering quality secretarial and CA services. We are proficient enough to resolve our client's needs in the best way possible. So, get in touch with us to hire our services for the benefit of your company.

Frequently Asked Questions

Which ITR is applicable for Pvt Ltd company?

To file the ITR form for a Private Limited Company, form 6 is applicable. For private companies operating under legal obligations and trust, form 7 is applicable.

What is the taxable income for Pvt Ltd company?

A 25% tax is imposed on profits made by Private Limited companies under 400 crores in the preceding year, and a 30% tax is applied if their annual revenue exceeds 400 crores.

Is it mandatory to file ITR for a private limited company?

Yes, regardless of the level of revenue or loss, filing an income tax return is mandatory for every PVT LTD company. They must file form ITR- 6.

How much turnover is required for Pvt Ltd?

If a small business chooses a presumptive tax structure, it must file Form ITR-4. However, the taxpayer must submit an ITR-3 if the company's revenue exceeds Rs. 2 Crores.

Can a single person start a Pvt Ltd company?

Yes, a single person can start a Pvt Ltd company, and even then, they must file ITR.

What is the minimum capital for a private limited?

This authorised capital is often stated in the company's memorandum of association and is typically Rs 100,000. It may, however, increase with the shareholders' approval and payment of the necessary fee to the Registrar of Companies (RoC).

What is the annual cost of a Pvt Ltd company?

Depending on your turnover, the typical annual cost of maintaining a private limited company ranges from 10,000 to 15,000. However, if your business has no turnover, your standard maintenance costs would be between Rs 8,000 and Rs 10,000.

How many minimum directors are required in a Pvt Ltd company?

The minimum number of directors required to start a Pvt Ltd Company is 2.