Companies and LLPs must file whether or not they earned. Filing late does not just cost a fee, it costs you the right to carry forward business losses.
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FREQUENCY
APPLIES TO
AUDIT CASES
EVEN IF
Books are closed and financial statements prepared. Tax audit is arranged where turnover or profit thresholds require it.
Total income is computed with allowable deductions, depreciation and set off of brought forward losses.
Form 26AS and the Annual Information Statement are matched against your records so no TDS credit is missed and no reported income is omitted.
The return is filed on the correct form and e-verified. Unverified returns are treated as never filed.
A business loss carried forward can be set off against profits for years afterwards, which is often worth a great deal to a company in its early years. That right is lost entirely if the return is not filed by the original due date. Unabsorbed depreciation survives, but business losses do not. For a loss making startup this single point can be worth more than every other compliance cost combined, and it is forfeited quietly, without any notice being issued.
Yes. Companies and LLPs must file a return every year regardless of income, loss or inactivity.
Where turnover or gross receipts cross the prescribed thresholds, or where profits declared fall below the presumptive rate in certain cases. The audit deadline precedes the filing deadline.
A late filing fee applies, interest runs on unpaid tax, and the right to carry forward business losses for that year is lost.
It shows tax deducted and deposited against your PAN. Reconciling it prevents both missed TDS credits and mismatch notices from the department.
Yes. A return that is filed but not verified within the permitted window is treated as not filed at all.
Tell us your entity type and turnover and we will confirm what applies.
