Company Tax Return Filing

ITR for Salaried Individuals

750/- Onwords

  • Upload Form-16 to Income-tax Department
  • Claim deductions if any
  • Pay Tax If Due
  • Share Acknowledgement From
  • Track Refunds if any

APPLY NOW

Business ITR

3000/- Onwards

  • Upload Form-16 to Income-tax Department
  • Claim deductions if any
  • Pay Tax If Due
  • Share Acknowledgement From
  • Track Refunds if any

APPLY NOW

Enterprise ITR

5000/- Onwards

  • Upload Form-16 to Income-tax Department
  • Claim deductions if any
  • Pay Tax If Due
  • Share Acknowledgement From
  • Track Refunds if any

APPLY NOW

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Three Easy Steps to Apply for Private Limited Company

1.    Create order on our Website, or provide the contact details via "Request a Callback" form

3.    You can also call us on our IVR Numer ( 9999 330 1309870 327 345 ) for a custom package

2.    We'll collect all your documents and file them directly with the authority

3.    You'll receive your completed documentation and reports via E-mail

What is Income Tax Return?

Taxes are involuntary fees levied on individuals or corporations and enforced by a government entity - whether local, regional or national - in order to finance government activities. In economics, taxes fall on whom ever pays the burden of the tax, whether this is the entity being taxed, like a business, or the end consumers of the business's goods.

Direct taxes are divided into 2 categories:

  1. Income tax

This is taxes an individual or a Hindu Undivided Family or any taxpayer other than companies, pay on the income received.

 

  1. Corporate tax

This is the tax that companies pay on the profits they make from their businesses. Here again, a specific rate of tax for corporate has been prescribed by the income tax laws of India.

INCOME TAX

Everyone who earns or gets an income in India is subject to income tax. (Yes, be it a resident or a non-resident of India. Your income could be salary, pension or could be from a savings account. For simpler classification, the Income Tax Department breaks down income into five heads: 

Head of income

Nature of income covered

Income from salary

Income from salary and pension are covered here.

Income from house property

This is rental income mostly.

Income from capital gain

Income from sale of capital asset

Income from business and profession

This is when you are self-employed, work as a freelancer or contractor, or you run a business. Life insurance agents, chartered accountants, doctors and lawyers who have their own practice, tuition teachers

Income from other sources

Income from savings bank account interest, fixed deposits, winning lottery

 

Each of these taxpayers is taxed differently under the Indian income tax laws.  While firms and Indian companies have a fixed rate of tax of 30% of profits, were as the individual, HUF, AOP (Association Of Person) and BOI (Body Of Individuals) taxpayers are taxed based on the income slab they fall under. People’s incomes are grouped into blocks called tax brackets or tax slabs. And each tax slab has a different tax rate.

Income tax slab rate for individual and HUF(less than 60 year old) for 2018-2019

 

Income tax slab

Tax rate

Income up to 2,50,000

nil

Income from 2,50,000 – 5,00,000  

5%

Income from 5,00,000 -10,00,000

20%

Income more than 10,00,000

30%

 

Income tax slab for senior citizen (60 year or more than 60 year but less than 80 year)

Income tax slab

Tax rate

Income up to 3,00,000

nil

Income from 3,00,000 – 5,00,000 

5%

Income from 5,00,000 -10,00,000

20%

Income more than 10,00,000

30%

 

Income tax slab for senior citizen (80 years and more)

Income tax slab

Tax rate

Income up to 5,00,000

nil

Income from 5,00,000 -10,00,000

20%

Income more than 10,00,000

30%

Various Types of Income Tax Returns Form

Income Tax Returns

S No.

ITR Form

Description

Online

Offline

1

ITR 1

For Individuals having Income from Salaries, one house property, other sources (Interest etc.) and having total income up to Rs.50 lakh

Yes

Yes

2

ITR 2

For Individuals and HUFs not carrying out business or profession under any proprietorship

No

Yes

3

ITR 3

For individuals and HUFs having income from a proprietary business or profession

No

Yes

4

ITR 4

For presumptive income from Business & Profession

Yes

Yes

5

ITR 5

For persons other than, - (i) individual, (ii) HUF, (iii) company and (iv) person filing Form ITR-7

No

Yes

6

ITR 6

For Companies other than companies claiming exemption under section 11

No

Yes

7

ITR 7

For persons including companies required to furnish return under sections 139(4A) or 139(4B) or 139(4C) or 139(4D) or 139(4E) or 139(4F)

No

Yes

Types of Income Tax Return

Income Tax Return

An Income Tax Return is a form where a taxpayer discloses details of his income, claims applicable deductions and exemptions and taxes that are payable on the taxable income. Further, details of taxes paid also reflect in the return. Any excess tax paid for a year will be claimed as a refund in the return of income.

Some taxpayers who are into any business or profession disclose details of such business or profession like turnover, expenses relating to business, profits from business etc.

All the above information, put together, form part of your return and is filed with the Income Tax Department

 

Business profits:

Running a business and wondering how to go about your taxes? It is simple. Take your gross receipts from your business and reduce various business related expenses from it eg telephone, internet, salary you pay to people you have hired, depreciation on the items that you use for your business like computer etc. What you are left with are your profits that you need to offer as your Income from Business. Similar is the method of computing your taxable profits if you are carrying out a profession too.
But make sure you maintain proper books of accounts recording all your business transactions as law mandates that you to do. However, if you do not want to maintain books, you may opt for Presumptive taxation scheme where you will have to offer a fixed percentage of your gross receipts as your income.

 

Corporate tax:

Corporate tax in India applicable on both domestic company as well foreign companies. The income earned by a company is computed and assessed separately from the dividends that it offers to its shareholders. These dividends do not figure out in the tax calculation of the company but are assessed as part of the income of shareholder.

For the purpose of tax calculation, companies in India have been broadly divided into the following two categories.

  1. Domestic Corporate:

Any company that is Indian is called as domestic company or if the company is foreign but the control and management is wholly situated in India then also it is termed as a domestic company. An Indian company means a company registered under the Companies Act 1956

  1. Foreign Corporate:

Any foreign company is one that is not of Indian origin and has some part of control and management of affairs located outside India.

 

Company income are categorised as:

In order to compute corporate tax on the income of a company it is necessary to first learn what all factors make up the total income of any company.

  1. Profits from business
  2. Capital gains
  3. Income from property
  4. Income from other sources such as foreign dividends, interests etc

Corporate Tax Rate for Domestic Companies in India:

A domestic company in India refers to any enterprise that has its base location in India and is of Indian origin. Given below is the tax rate applicable to domestic businesses in the country.

  • A flat rate of 25% corporate tax is levied on the income earned by a domestic corporate.
  • A surcharge of 12% is levied in case the turnover of a company is more than Rs.1 Crore for a specific financial year.
  • 3% educational cess is levied.
  • Corporate tax is also levied on the global earnings of the domestic company. This takes into account income earned by the company abroad.

Frequently asked questions (FAQs)

At Corpseed, we are committed to offer our services to the entrepreneurs and businesses as a very cost-effective proposition. We believe that a customer is always right and the focus of any business activity should be to serve the customer with utmost loyalty. All our services come with SLAs (Service Level Agreements) for on-time service delivery and money back guarantee to ensure high level of customer satisfaction.

At Corpseed, our valued customers are always kept in the loop as far as service delivery timeline is concerned and we inform our customers every time a milestone is achieved during each stage of service request processing. But we also believe that we may come across a customer who is not satisfied with our efforts. For that we have a very responsive Customer Care Department which work 24x7 to attend to and solve customer complaints. We also have a money back guarantee for those, who want their service charges to be refunded.

At Corpseed, We believe it is our responsibility to protect our customer information from unauthorized access. We have put systems and processes in place to make sure that the customer information is safe with us during its storage and transfer between in house and third party servers. We continuously test our systems and processes for security breach and vulnerabilities are identified and fixed at a regular basis..

If a customer is not satisfied with the service we provided and if he contacts our customer care helpline and files a formal complaint within 15 days of service delivery date, Corpseed would refund the entire or partial amount of Professional Fee charged for that particular service.

If a customer is having issues with our service delivery process, he has various alternatives available at his disposal to register his grievance with us. He can either email his complaint at complaints@corpseed.com or he can call our 24x7 Customer Care Helpline. Also, any customer is always welcome to visit our office to lodge a complaint with the senior management.

A customer can buy our services directly from our online platform, for which he need to make online payment. Once he clicks on "Apply Now", a new window will open, a customer is required to submit the information in the respective fields and click "Make Payment". A unique ticket number will be auto generated, the customer need to quote this number as reference for any enquiry regarding his service request.

All the monetary transactions performed on Corpseed online platform are secured with SSL System Protocol. We encrypt the customer information such as credit card and bank account details, before these are transmitted anywhere. We adhere to PCI DSS for data security standards for payment processing.

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