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  • CORPORATE TAX FILING 101: A CHECKLIST FOR FILING ITR 6 FOR PRIVATE LIMITED COMPANIES

    CORPORATE TAX FILING 101: A CHECKLIST FOR FILING ITR 6 FOR PRIVATE LIMITED COMPANIES

    This blog will cover the basic requirements for filing ITR-6 , Importance of
    Corporate tax return India , ITR-6 Due date.

    ITR 6

    Introduction: Purpose Of Filing Under ITR-6:

    For filing under ITR-6 for the income tax return , it is especially done for
    companies which are incorporated under the Companies Act , 2013.

    This ensures not only reporting of income , deduction , taxes and transaction Filing an ITR-6 helps in maintaining the company whether is private or public, it keeps under a obligations effectively and systematically.

    Eligibility Criteria Of Filing ITR-6:

    The companies that are registered under the Companies Act 2013 should file
    ITR-6 . It includes Domestic Companies , Foreign Companies, Partnership Firms.

    Structure of the filing the ITR-6?

    • The Income Tax Department advices that are two parts and several
      schedules.
    • As a sequence wise they can file out a form by Part A , Schedules,
      Part B and Verification.

    How To File ITR-6 Form?

    This is generally done through compulsory electronically under digital signature to the income tax department.

    Filing Of ITR-6 Due Date:

    The due date for filing an income tax return is to be maintained by the is a assessee partner in a firm then the accounts is to be audited by 31st of October of the Assessment year.

    Benefits Of Filing In ITR-6?

    • It enhances and ensures transparency.
    • The collection of documents is required to be maintained for record
      purpose and tax audits statements.
    • It minimizes deduction and avoid penalties and interest charges.
    ITR 6

    Conclusion:

    The criteria and aspect of ITR-6 is detailed oriented and is only
    applicable to the companies.

    This helps companies in avoid penalties, interest and avoid tax compliance issue from tax authorities.

    Corporate Tax Doesn’t Have to Be Taxing. Private Limited Companies require precision—from balance sheets to audit reports.

    Don’t navigate the complex maze of corporate tax laws alone.

    Our team ensures your ITR-6 is filed with 100% accuracy and complete statutory compliance, letting you focus on growing your company.

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    Sources:

  • ITR-5 FILING GUIDE FOR PARTNERSHIP FIRMS AND LLPs: AVOID COMMON MISTAKES

    ITR-5 FILING GUIDE FOR PARTNERSHIP FIRMS AND LLPs: AVOID COMMON MISTAKES

    Introduction

    Many business entities such as partnership firms, Limited Liability Partnerships (LLPs), and associations are required to file their income tax returns every year. For these entities, the relevant tax return form is ITR-5.

    The procedure of filing ITR-5 is an important compliance requirement under the Income Tax Act. It helps businesses report their income, claim deductions, and ensure proper tax compliance with the Income Tax Department.

    Understanding the process of filing ITR-5, the due date, tax audit requirements, and applicable tax rates for partnership firms is essential for avoiding penalties and maintaining financial transparency.

    This guide explains the procedure of ITR-5 filing, LLP income tax returns, tax audit requirements, and the due date for filing ITR-5.

    What Is ITR-5?

    ITR-5 is the income tax return form used by certain business entities such as partnership firms, LLPs, and associations of persons.

    The form is designed to capture detailed financial information including business income, capital gains, deductions, and tax liabilities.

    ITR-5 is filed electronically through the Income Tax Department’s e-filing portal.

    Who Can File ITR-5?

    The following entities are eligible to file ITR-5:

    • Partnership Firms
    • Limited Liability Partnerships (LLPs)
    • Association of Persons (AOPs)
    • Body of Individuals (BOIs)
    • Co-operative Societies
    • Local Authorities

    However, individuals, Hindu Undivided Families (HUFs), and companies cannot use this form.

    Structure of the ITR-5 Form

    The ITR-5 form is comprehensive and contains several sections to report financial information accurately.

    The form is divided into two main parts:

    • Part A – General Information
    • Part B – Computation of Total Income and Tax Liability

    In addition, the form contains nearly 40 schedules used to report specific financial details such as capital gains, business income, deductions, and taxes paid.

    Procedure for Filing ITR-5

    The ITR-5 form must be filed electronically through the Income Tax Department’s e-filing portal.

    The return can be filed in the following ways:

    • Submitting the return electronically using a Digital Signature Certificate (DSC)
    • Uploading the return electronically and verifying it through e-verification methods

    After filing the return, the taxpayer must complete e-verification within 30 days of submission.

    Changes in ITR-5 Form (AY 2025-26)

    The Income Tax Department has introduced certain updates to the ITR-5 form for recent assessment years.

    • New reporting fields for high-value financial transactions exceeding ₹50 crore
    • Disclosure requirements for payments to Micro and Small Enterprises under Section 43B(h)
    • Additional reporting related to capital gains and specified securities

    These changes are intended to increase transparency and ensure proper reporting of financial transactions.

    Partnership Firm Tax Rate

    For the Assessment Year (AY) 2026-27, partnership firms including LLPs are taxed at a flat rate of 30% on their taxable income.

    In addition to this tax rate, surcharge and health & education cess may also apply depending on the income level.

    Tax Audit for Partnership Firms

    A tax audit is required to ensure that businesses maintain proper books of accounts and comply with the provisions of the Income Tax Act.

    Under Section 44AB, a tax audit becomes mandatory when the business turnover exceeds the prescribed limits.

    The audit helps verify:

    • Accuracy of financial statements
    • Proper maintenance of accounting records
    • Correct reporting of income and deductions
    • Compliance with tax regulations

    A tax audit also helps detect errors, irregularities, and potential financial discrepancies in the accounting records.

    Due Date for Filing ITR-5

    The due date for filing ITR-5 depends on whether the entity is subject to a tax audit.

    • 31 July – For entities not requiring a tax audit
    • 31 October – For entities requiring a tax audit

    Failing to file the return before the due date may lead to penalties and interest under the Income Tax Act.

    Conclusion

    Filing ITR-5 is a crucial compliance requirement for partnership firms, LLPs, and other eligible entities. It ensures that businesses properly report their income and comply with tax regulations.

    Timely filing of ITR-5, along with maintaining proper accounting records and completing tax audits when required, helps businesses avoid penalties and maintain financial transparency.

    Understanding the procedure of ITR-5 filing and staying updated with changes in tax laws allows firms to remain compliant and manage their finances effectively.

    Frequently Asked Questions

    Who cannot file ITR-5?

    Individuals, Hindu Undivided Families (HUFs), companies, and entities required to file ITR-7 cannot file ITR-5.

    Is tax audit applicable for ITR-5?

    Yes. A tax audit is required if the business turnover exceeds the limits specified under Section 44AB of the Income Tax Act.

    Is it mandatory for LLPs to file ITR-5?

    Yes. Limited Liability Partnerships (LLPs) are required to file their income tax return using the ITR-5 form.

    What is the time limit for e-verification of ITR-5?

    The return must be e-verified within 30 days of filing.

    Sources

  • HOW TO FILE ITR-1 SAHAJ ONLINE (AY 2026 – 27) : A STEP -BY – STEP GUIDE FOR SALARIED EMPLOYEE

    HOW TO FILE ITR-1 SAHAJ ONLINE (AY 2026 – 27) : A STEP -BY – STEP GUIDE FOR SALARIED EMPLOYEE

    This blog will focus upon how to File ITR-1 online, What are the ITR-1 Sahaj step by step, Income Tax Return for the Salaried, ITR-1 eligibility, Old vs New Tax Regime of 2026.

    Introduction

    An ITR stands for Income Tax Return which is a form that a person or individual submits to the Income Tax Department of India to file the necessary financial documents needed for the income and tax payable during the respective year.

    The time required to file an ITR should be applicable between 1st April to 31st March of the next year.

    The source of income could be from profit of a business, dividends or capital gains. It carries out the forward loss and ask for the return from the income tax department.

    How To File ITR-1 Online?

    • STEP 1: The filing of ITR-1 form is done through the e-Filing Portal or by through the accessibility of html utility.
    • STEP 2: The registered user on the e-Filing Portal must login with the help of their valid user ID and password, their PAN card must be active.
    • STEP 3: The PAN and ADHAAR CARD must be linked.
    • STEP 4: Only the residential can file the ITR-1 whose income does not exceed Rs 50 lakh during the financial year.
    • STEP 5: Atleast one bank account must be pre-validated for receiving refunds.
    • STEP 6: The form includes 5 main pre-filled sections and the taxpayers must verify each steps before submissions. The steps includes personal informational, tax paid, total deductions, total tax liability.

    Eligibility Criteria Of ITR-1

    • Resident individual who have income from salary.
    • This includes one house property, interest or dividends, from agriculture income.
    • Income from other sources (excluding winnings, lottery and income from race horses from lottery taxable under sec 115BBDA).
    • Long term capital gains under section 112A up to Rs 1.25.

    Old vs New Tax Regimes 2026

    There have been numerous deductions and exemption been allotted in these regimes as given below:

    Old Tax Regimes

    1. It is been allotted to the House Rent allowances for the exemption available only on rent paid.
    2. Deduction on Rs 2 lakh on the loan interest on self – occupied property.
    3. Deduction on Rs 1.5 for investment under section 80C.
    4. Deductions for health insurance premium that are under section 80D.
    5. Deduction is allotted on education loans.

    New Tax Regimes

    1. The slab rates have been lowered.
    2. Rs 75000 have been the standard deduction amount for the salaried persons.
    3. It does not allow popular deduction under Section 80C.
    4. Tax free income up to Rs 12 lakh.

    Conclusion

    The main aspect of both the tax regime is totally dependent upon the individual person income structure. The income tax department had made both regime so that it can be helpful towards to the younger, professional and elderly people too.

    Filing your taxes as a salaried employee should be straightforward, but missing deductions can cost you money. Lawizer ensures your ITR-1 is filed accurately, claiming every benefit you are entitled to while keeping you fully compliant with the latest tax rules.


    File ITR-1 Now with Lawizer.

    Frequently Asked Questions

    How to choose which tax regimes for filing?

    For 2025-26 one can choose the old tax regime for filing an ITR whereas for new tax regime one has to file a form 10IEA within the due date for filing an ITR.

    Is the standard deduction allowed in the new tax regime?

    Yes, as per the new tax regime the standard deduction is Rs 75000.

    Sources