Shweta Saboo & Co.

Corporate Tax Services

Corporate Tax is the tax levied on the profits earned by companies registered in India, both domestic and foreign, under the Income Tax Act, 1961.

Corporate tax compliance is critical for all businesses to maintain credibility, avoid penalties, and optimize their tax liabilities legally.

With frequent amendments to tax laws, incentives for startups, deductions for R&D, and reduced rates for certain companies, professional corporate tax planning and filing have become essential for businesses of all sizes.

Our specialized corporate tax services help ensure accurate tax computation, timely filing, and strategic tax planning tailored to your business goals.

Key Features

End-to-End Corporate Tax Compliance

Assistance with tax computation, advance tax planning, filing income tax returns (ITR-6), and annual compliance reporting.

Customized Tax Planning Solutions

Strategic advice on utilizing tax deductions, exemptions, and incentives available under Indian tax laws.

MAT (Minimum Alternate Tax) and AMT (Alternate Minimum Tax) Compliance

Calculation and compliance assistance for companies and LLPs subject to MAT/AMT.

International Taxation Support

Handling taxation of foreign companies, cross-border transactions, and transfer pricing documentation.

Representation before Authorities

Support during tax assessments, scrutiny notices, appeals, and rectification procedures.

TDS Compliance and Reporting

Managing corporate TDS returns, TDS payments, reconciliation, and issuing TDS certificates (Form 16A, Form 16B, etc.).

Startup and SME Tax Advisory

Specialized tax benefits advisory under sections like 80-IAC, concessional tax rates for new manufacturing companies, and R&D incentives.

Information Checklist

Company Details:

PAN and TAN of the Company
Certificate of Incorporation
Company Master Data (if applicable)

Financial Information:

Audited Financial Statements (Profit & Loss Account, Balance Sheet, Cash Flow Statement)
Bank Statements
Fixed Asset Register
Break-up of Revenue Streams (domestic, export, service income, etc.)

Tax Information:

Details of Advance Tax Paid
TDS Deducted and Deposited
Form 26AS (Tax Credit Statement)
GST Returns and Reconciliation Statements (if registered)

Other Information:

Details of Directors and Key Management Personnel (KMPs)
Transfer Pricing Documents (for international transactions)
Information on related party transactions
Previous Year's Tax Returns and Assessment Orders (if applicable)
Details of Exempt Income (like SEZ Units, R&D Expenditure, etc.)

FAQs

What is the current corporate tax rate in India?

The base corporate tax rate for domestic companies is 25% (plus applicable surcharge and cess) for companies with turnover up to ₹400 crore. New manufacturing companies under Section 115BAB can opt for a concessional rate of 15%.

Is filing an Income Tax Return mandatory for companies even if there is no income?

Yes, every company, whether having income or not, must file an Income Tax Return annually using Form ITR-6, unless exempt under specific sections like Section 11 for charitable organizations.

What is Minimum Alternate Tax (MAT)?

MAT is a provision under which companies that report low or zero taxable income despite high book profits are required to pay a minimum amount of tax at 15% (plus surcharge and cess) of book profits.

What is the due date for corporate tax filing?

Generally, the due date is 31st October of the assessment year for companies requiring audit. Companies not subject to audit have a due date of 31st July.

What penalties apply for late filing of corporate income tax returns?

Late filing can attract penalties up to ₹5,000 or ₹10,000 under Section 234F, plus interest charges on outstanding tax liabilities under Sections 234A, 234B, and 234C.

Is audit mandatory for all companies?

Yes, under the Companies Act, 2013, all companies are required to get their accounts audited annually by a Chartered Accountant, irrespective of turnover.

Can companies claim deductions for donations and CSR expenditure?

Donations to eligible institutions are deductible under Section 80G. However, CSR (Corporate Social Responsibility) expenses are not allowed as business expenses for tax deduction purposes.

Are companies eligible for startup tax benefits?

Yes, eligible startups recognized under the DPIIT scheme can avail tax holiday under Section 80-IAC and concessional tax rates subject to conditions.

Do foreign companies operating in India need to file returns?

Yes, foreign companies having income accrued or received in India are required to file income tax returns in India and may be taxed at higher rates (40% plus surcharge and cess).

Can corporate tax returns be revised after filing?

Yes, companies can file a revised return before the end of the assessment year or completion of the assessment, whichever is earlier, if there is an error or omission in the original filing.