Tax Return Filing For Packers And Movers Company

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Requirements For Filing Income Tax For Packers And Movers Company

Any business should file their income tax returns without fail. This is a formal procedure to inform the income tax department about the total income of the business and their expenditure. There are several packers and movers companies offering services all over the country. These companies must file their income tax returns every year. The income tax return filing is entirely different from that of the income tax return filing of an individual. Thus the following information would be of great use for packers and movers companies to know about the procedure for income tax return filling.

Requirements For Filing Business Tax Returns

The income tax return filing procedure varies based on the type of business. The filing of business tax returns of the packers and movers company is based on the nature of the company, namely a private limited liability company, sole proprietorship company, or a limited liability company. The company must file the income tax returns when the annual income is more than Rs.1, 20,000.

The owner of the packers and movers company must file the ITR-4 form for filing the income tax return. The income tax department imposes the presumptive taxation scheme for business with a turn over less than two crores. This avoids the difficult job of maintaining accounts by the company. This taxation scheme can be adopted only by a resident partnership firm.

Calculating numbers for income tax return with pen, files, books and calculator

The packers and movers company must file the business tax returns before the due date so that they can avoid penalty. The due date for filing income tax returns by the business, including partnership firms, LLP, etc. is 30th September. The business can’t carry forward the loss incurred when the income return is filed after the due date. For companies liable of transfer pricing audit, the due date for an income tax return is 30th November. A penalty fine of Rs.5000 is levied on the assessee when he/she fails to file the income tax returns before the due date.

Business Income Tax Rates

People who own a packer and mover company must be aware of the income tax rates when filing the income tax returns. The business tax rate of partnership firms and liability partnership is about 30 percent. If the income of your business exceeds Rs. 1 crore, then the tax rate exceeds 12%. For a domestic company, the business tax rate is about 30 percent.

Types Of Forms For Filing Income Returns By Packers And Movers Company

Companies mostly file ITR 6 and ITR 7 for submitting the income tax returns to the income tax department. Most companies file ITR 6 when their business is operating in profit.

Form ITR6: Various types of companies like private limited companies, sole proprietorship companies, and limited liability companies must file the Form ITR6 when the business operates in profit.

Form ITR7: Section 8 companies must file this form. ITR 7 is used by companies who furnish their tax returns under various sections 139(4A) or 139(4B) or 139(4C) or 139(4D) or 139(4E) or 139(4F).

Filing Your Taxes Isn't Simpler This Year

Other Documents Required For Business Tax Filing

It is not possible to attach documents along with the ITR forms. But the business owners must be ready with all the supporting documents for business tax filing. Some of the documents required for reference are listed below.

  • An Identity Proof
  • Bank Statement
  • Pan Card For The Company
  • Proof of Investment
  • TDS certificates

The above documents should be kept ready by the taxpayer and should be produced before the income tax authorities in case of assessment by the income tax officials.

The directors of the company must possess a digital signature for validating the income tax return forms. Here also you check out some more details about the documents requirements for business.

It is always recommended to hire a chartered accountant so that it would be easy for the packer and movers company to file their business tax return.

The above offers some useful information on filing income tax returns for a packers and movers company.

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