Does a company with zero turnover need to file ITR-6?
Yes. Every company must file an income tax return every year, even with nil income or a loss. Filing is also what lets the company carry forward its business loss for eight years. A dormant company still files the return and the ROC forms.
What is the due date for a company return?
For a company whose accounts need a tax audit, the due date is normally 31 October after the financial year. A company that has entered international or specified domestic transactions needing a transfer pricing report is generally due on 30 November. Other companies follow 31 October as well, subject to notified extensions.
Can a startup carry forward losses even if shareholding changes?
Under section 79, a closely held company loses its brought-forward losses if more than 49% of voting shares change hands, but eligible startups can retain losses where the original shareholders continue to hold at least 51% of voting power. We test the shareholding history before carrying losses forward.
Is a tax audit mandatory for every company?
No. A company needs a tax audit under 44AB if turnover is above ₹1 crore (₹10 crore with 5% cash rule) or if other conditions apply, but a company with statutory audit under the Companies Act still needs a separate tax audit report in Form 3CA-3CD. We check turnover on 31 March.
Can directors take loans from the company tax-free?
A loan from a closely held company to a shareholder with a substantial holding can be treated as deemed dividend under section 2(22)(e) to the extent of the company's accumulated profits. Directors' remuneration must be reasonable, and excess can be disallowed. We review the director loan account before filing.
Do we need to file the return with a digital signature?
A company's return is filed with the digital signature of an authorised director (or e-verified with the Electronic Verification Code if allowed). We help keep the DSC valid and registered on the income tax portal so the return does not stall on the due date.
Who must get a tax audit done under section 44AB?
Businesses with turnover above ₹1 crore (₹10 crore if cash receipts and payments are each 5% or less of the total) and professionals with gross receipts above ₹50 lakh need an audit. Taxpayers who opt out of presumptive taxation and earn below the basic limit, and some others, also fall in. We check every trigger before the year ends.
What is the due date for the tax audit report?
The audit report in Form 3CA/3CB-3CD is generally due by 30 September after the financial year, and the income tax return of an audit case is due by 31 October. Missing the audit date can attract a penalty under section 271B of 0.5% of turnover, capped at ₹1.5 lakh.
Is a UDIN required on a tax audit report?
Yes. Every tax audit report signed by a practising Chartered Accountant must carry a UDIN (Unique Document Identification Number) generated on the ICAI portal, and the UDIN is quoted when the report is uploaded. The report is signed by the practising CA, not by the platform or office staff that collects the documents.
