288th Management Skills Orientation Programme

Filing of Income Tax Return by Listed Company with

Illustrative Disclosures
Group – I Dipriyamsha
Disha Priyanka Shyam
Deepali
Rani Bisht Sultania
This Presentation covers :-
 Introduction
 Important Definitions
 Tax return to be filed by listed company
 Filing of Income Tax Return
 Codes for filing return Form ITR – 6
 Contents of Form ITR – 6
 Process of e-filing of Income Tax Return
 When a return of loss should be filed
 Belated, Revised, Defective Return
 Illustration
 Do not make such mistakes
 Penalty, Interest and Refund
 Introduction
All companies registered in India are required to file income tax returns each year on or
before September 30th from the end of the respective Financial Year.
Income Tax rate for Companies AY 2019-20 | FY 2018-19

Turnover Details Tax Rate

Gross turnover upto 250 Cr. in the previous year 25%
Gross turnover exceeding 250 Cr. in the previous year 30%
Surcharge

Taxable Income exceeding ₹ 1 Crore 7% of computed income tax.

Taxable Income exceeding ₹ 10 Crores 12% of computed income tax

Health and Education Cess is computed at 4% of the total of Income Tax and Surcharge.

All companies are required to pay Minimum Alternate Tax at the rate of 18.5% of book
profit plus surcharge and education cess, if the tax liability of the company is less than 18.5%
of book profit.
 Important Definitions as per Income Tax Act, 1961
As per Sec 2(9) Assessment Year is the period of twelve months commencing on the 1st
day of April every year.

As per Sec 3 Previous Year is means the financial year immediately proceeding the
assessment year.

As per Sec 2(17) Company means :-

any Any I/A/B which is/was Any I/A/B,

any body assessable/was assessed as a co
Indian whether
corporate for any AY under the Indian
co. incorporated/not
incorporated Income-tax Act, 1922 (11 of and whether
by or under 1922)/which is/was Indian/non-Indian,
the laws of a assessable/was assessed under which is declared
country this Act as a co. for any AY by general or
outside India commencing on/before the 1st special order of the
day of April, 1970 Board to be a co.
 Tax return to be filed by Listed Company
Due Date for Company - All companies registered in India are required to file income tax
return on or before the 30th of September from the end of the respective Financial Year.
Type of Tax Return to be Filed by Company

Form ITR 6 Form ITR 7

Companies registered in India ITR 7 must be filed by companies required
and operating a business for to furnish return under sections 139(4A) or
profit must file Form ITR 6. 139(4B) or 139(4C) or 139(4D) or 139(4E)
Hence, listed company would or 139(4F). Hence, only Section 8
be required to file Form ITR6. Company would be required to file income
tax return in for ITR 7.
Documents Required for Company Tax Return Filing:-
Class 2 digital signature is required for filing ITR 6 or ITR 7.
PAN is mandatory for a company.
 Codes for Filing Return Form ITR - 6
Under the heading “Filing Status‟ in the Return Form the relevant box needs to be
checked regarding section under which the return is being filed on the basis of following

Voluntarily on or before the due date under section 139(1)

Voluntarily after the due date under section 139(4)
Revised return under section 139(5)
Modified return under section 92CD
Under section 119(2)(b) on an application to be made separately before the Income-tax
authority.
In response to notice under section 139(9)
In response to notice under section 142(1)
In response to notice under section 148
In response to notice under section 153A/ 153C
 Contents of ITR-6

Personal
Part –A Part - B Verification Schedules
Information

Personal Information
 Name
 CIN
 PAN
 Date of Incorporation
 Address
 PAN
 Filing Status
Part –A General Information
 Holding Status
 Business Organization
 Key Persons
 Shareholders Information
 Nature of Company and its Business

Part AS – Balance Sheet as on 31st day of March, ___ or as on the date of Amalgamation.

Part A-P and L –Profit and Loss Account for the financial year 20_-_

Part A OI – Other Information (Optional in a case not liable for audit under Section
44AB)
 Part - B

Part B –TI Part B – TTI Refund Bank Account

Computation of Computation of tax Details
Total Income liability on total
income
 Verification
 In case of a company, return of income can be verified by the managing director, or by
any director in cases referred to in clause (c) of section 140 of the Income-tax Act.
 In case of a non-resident company, return of income can be verified by a person holding a
valid power of attorney.
 In case of company being wound up, the return of income can be verified by the official
liquidator referred to in sub-section (1) of section 178 of the Income-tax Act.
 In case where management of a company is taken over by Government, return of income
can be verified by the principal officer.
 In a case where application for corporate insolvency resolution has been admitted under
the Insolvency and Bankruptcy Code, 2016, the return of income shall be verified by the
insolvency professional appointed by the Adjudicating Authority.
 The permanent account number of above persons is required to be mentioned in
verification.
The return is to be furnished electronically under digital signature. Please fill up the required
information in the Verification. Strike out whatever is not applicable. Please ensure that the
verification has been signed before furnishing the return. Write the designation of the person
signing the return.
 Schedules

Schedules ICDS
Income Computation Disclosures Standards on Profit

Schedules DDT
Dividend Distribution Tax

Schedules FSI

Schedules GST
Goods and Service Tax

Schedules FD
 Filing of Income-tax Return
Process Of E-filing Of Income-tax Return

• Before filing of Return, It is necessary for Assessee to register himself/herself on

e-filing website.
• How to register yourself on e-filing website?

• Visit www.incometaxindia.gov.in and register yourself

Step 1

• Select user type (Other than Individual/HUF), then select

Step 2 in sub user type (Company) and click on Continue

• Enter requisite details as required.

Step 3
 • Enter other details and choose 2 secret questions which can be used in
Step 4 case you want to reset password of your account

• Doing this an OTP will be sent to mobile number & verification link to
Step 5 e-mail id

• This completes our registration process and you can login further at any
Step 6 time using our PAN as your user id and newly generated password
 When a return of loss should be filed
An assessee, other than few, is not compulsorily required to furnish return of loss.

However, the following losses cannot be carried forward if the return of loss is not
submitted within the time allowed u/s 139(1)-

Capital loss Business loss (speculative or otherwise)

Loss from the activity of owning and maintaining race horses

Loss from business specified u/s 35AD

Important Notes :-
Loss declared in belated return cannot be carried forward. However, set-off of losses of
current year is not prohibited while computing the total income, even if the return of
loss is filed after the due date.
Delay in filing the return of loss may be condoned in certain cases
Unabsorbed depreciation u/s 32 and loss under the head “Income from house property”
can be carried forward even if the loss return is filed after the due date u/s 139(1).
 Belated Return
If an assessee fails to file return within the time limit allowed u/s 139(1) or within the
time allowed under a notice issued u/s 142(1), he can file a belated return.

Time Limit
Assessee may file such return

before the end of before the

the relevant completion of
assessment year assessment (u/s 144)

Whichever is earlier
 Revised Return
If an assessee discovers any omission or wrong statement (bonafide in nature) in the
return filed, he can revise his return u/s 139(5).

Time Limit
Assessee may file revised return

before the end of before completion of

the relevant regular assessment
assessment year

Whichever is earlier
 Defective Return
A tax return is termed defective if it has not been filed with all the necessary
information or documents as required under law. If your return is found defective, then
IT department will send you a defective return notice under section 139(9) of the
Income Tax Act.

Effect: Where the AO considers that the return of income furnished by the taxpayer is
defective, he may intimate the defect to the taxpayer and give him an opportunity to
rectify the defect(s).
Time limit for rectification: The assessee must rectify the error within a period of 15
days from the date of intimation (served on the assessee) or within such extended time
as allowed by the Assessing Officer. Where the taxpayer rectifies the defect after the
expiry of the period of 15 days or such extended period but before the assessment is
completed, the Assessing Officer can condone such delay.
Consequence when defect is not rectified: If defect is not rectified within the time
limit, the Assessing Officer will treat the return as an invalid return and provisions of
the Act will apply as if the taxpayer had failed to furnish the return at all.
 Illustration

We are assuming a company named “Dipriyamsha Company

Limited” which is listed on BSE (Bombay Stock Exchange) and in
addition to various other allied laws, provisions of Income Tax are also
applicable to company as per Income Tax Act, 1961 and Company is
required to file Income Tax Returns as per applicable act i.e. as per
Income Tax Act, 1961.
 Don’t Make These Mistakes
Incorrect personal details: Ensure the bank details for receiving refund is correct to avoid
wrong credit to another persons account.

Excluding FD interest from your income: Interest income from your savings account is
exempt up to Rs.10000, but interest income from your FD isn’t.

Not studying Form 26 AS: As it gives you all important details about taxes that have been
paid and also taxes deducted by your employer or bank, so cross checking is mandatory
before filing return of income
Under reporting your income: One must disclose income earned though shares, mutual
funds, capital gains. If you have switched multiple jobs in a year, you must bring your
income from all the employers to light as the tax dept. Is easily able to track your income
through PAN.

Not verifying Tax Return: If you e-file your taxes from the I.T. dept. e-filing portal or get
physical verification done by sending a printed and signed copy of ITR-V to CPC
Bengaluru
 Penalty, Interest and Refund
Penalty in case Fee
Total income exceeds 5 lakh
 If the return is furnished on or before 5,000
31st December of the assessment year

 In any other case 10,000

Interest on Due Amount of Tax

 If the taxpayer files the return of income after the due date, simple interest of 1%
p.m. or part of a month is levied.
Income Tax Refund
 If you are eligible for a tax refund, you will get it only after you have filed your return.
The I.T. deptt. pays interest of on-half per cent for every month calculated from April
1st of the A.Y.