Company Income tax Return
It will be imperative for a company to report its income and expenditure to the IT department. This process is actually known as filing company income tax returns. All companies operating in India have to file IT returns every year. A business tax return is actually a statement of the income generated as well as expenditure of the company. If the company is able to generate profits, it needs to pay taxes on the profits. Besides this, companies might also be required to pay advance tax if the situation demands.
It is not possible for ITR return forms to accept document attachments. Because of this, one does not need to file any documents with the tax return such as bank statements, ID proof, TDS certificates, and so on. Nevertheless, the taxpayer must store all the supporting documents for the IT return and this has to be presented before the IT authorities if required.