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Domestic Company

Income Tax Return Filings Services

Turnover less than Rs 1 crore
Profit or loss less than Rs 20 lakhs

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Turnover more than Rs 1 crore but less than 10 crores
Profit or loss more than Rs 20 lakhs but less than Rs 1 crore

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Turnover more than Rs 10 crores
Profit or loss more than Rs 1 crore

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1. TAX RATES

Condition	Income Tax Rate (excluding surcharge and cess)	Surcharge	Health and Education Cess	Effective Tax Rate (Including Cess & Surcharge)
Total Turnover during the previous year 2020-21 does not exceed ₹ 400 crores	25%	(0%, 7% or 12%) (Detail in notes)	4 %	Max – 29.12% Min – 26%
If opted for Section 115BA	25%	(0%, 7% or 12%) (Detail in notes)	4 %	Max – 29.12% Min – 26%
If opted for Section 115BAA	22%	10%	4 %	25.17%
If opted for Section 115BAB	15%	10%	4 %	17.16%
Any other Domestic Company	30%	(0%, 7% or 12%) (Detail in notes)	4 %	Max – 34.94% Min – 31.20%

Deductions available for companies under Chapter VIA of the Income Tax Act

80G - Deduction towards donations made to prescribed funds, charitable institutions, etc.
80GGA - Deduction towards donations made for Scientific Research or Rural Development
80GGB- Sum contributed to Political Party or Electoral Trust is allowed as deduction
80IA- Undertaking engaged in Developing, Maintaining and Operating any Infrastructure Facility (only Indian Company), Industrial Parks (any Undertaking), any Power Undertaking, Reconstruction or Revival of Power Generating Plants (Indian Company) shall be entitled to claim deduction.
80IAB- Deduction in respect of Profits and Gains by an Undertaking or an Enterprise engaged in development of Special Economic Zone
80IAC- Profit and Gains derived by an Eligible Start-up from Specified Business
80IBA- Profit and Gains derived from Developing and Building Housing Projects
80IC- Deduction in respect of certain Undertakings in Himachal Pradesh, Sikkim, Uttaranchal and North-Eastern states
80IE- Deduction to certain Undertakings set up in North-Eastern states
80JJA- Deduction in respect of Employment of New Workers / Employees, applicable to Assessee to whom Section 44AB applies - Deduction to certain Undertakings set up in North-Eastern states
80LA- Deduction for Income of Offshore Banking Units and International Financial Services Centre
80M- Inter-corporate dividend shall be allowed to be reduced from Total Income of Company receiving the dividend if same is further distributed to shareholders.
80PA- Producer company engaged in an Eligible Business of Marketing, Purchase or Processing of Agricultural Produce of its Members.
Deductions mentioned above are subject to certain conditions and limits.

Various forms and their applicability

Form 10 IB: Form 10IB needs to be filed by manufacturing domestic company who are willing to opt for the special tax rate of 25 % u/s 115BA
Form 10 IC: Domestic Companies willing to opt for taxation u/s 11BAA at the rate of 22%, need to exercise the option by filing Form 10- IC 
Form 10 ID: Form 10 ID needs to be filed by New Manufacturing Domestic Companies incorporated after 1st October 2019  who are willing to opt for the special tax rate of 15 % u/s 115BAB
Form 3CA-3CD: Report of Audit of Accounts and Statement of Particulars required to be furnished under Section 44AB of the Income Tax Act, 1961
Form 3CEB: Report from a chartered  accountant containing details of all international transaction(s) or specified domestic transaction(s)

Section 115 BA: Tax on income of certain manufacturing domestic companies

Company is not engaged in any business other than the business of manufacture or production of any article or thing. 
The company has been set-up and registered on or after the 1st day of March, 2016
Total income of the company has been computed without any special deductions (Section 10AA,32AC,32AD, 33AB,33ABA,35,35AC,35AD, 35CCC,35CCD,Chapter VI-A Deductions other than Section 80JJAA) ) & without set off or carry forward of any loss attributable to any of the deductions mentioned herein.
Once the option has been exercised for any previous year, it cannot be subsequently withdrawn for the same or any other previous year.
Person exercises option under section 115BAA, the option under this section may be withdrawn.
Option needs to be exercised on or before the due date for furnishing the first of the returns of Income.

Section 115 BAA: Tax on income of certain domestic companies.

Total income of the company has been computed without any special deductions (Section 10AA,32AC,32AD, 33AB,33ABA,35,35AD, 35CCC,35CCD,Chapter VI-A Deductions other than Section 80JJAA and 80M) & without set off or carry forward of any loss or depreciation or unabsorbed depreciation attributable to any of the deductions mentioned herein.
Once the option has been exercised for any previous year, it cannot be subsequently withdrawn for the same or any other previous year.

Section 115 BAB: Tax on income of new manufacturing domestic companies

In case of individual, who is of the age of sixty years or more but less than eighty years at any time during the previous year the basic exemption limit will increased to 3,00,000 for the person opted old scheme rate.
In case of individual, who is of the age of eighty years or more at any time during the previous year the basic exemption limit will increased to 5,00,000 for the person opted old scheme rate.

Company has been set-up and registered on or after the 1st day of October, 2019 and before 31st day 2024, and has commenced manufacturing or production of an article or thing
Company is not engaged in any business other than the business of manufacture or production of any article or thing.
The business is not formed by splitting up, or the reconstruction, of a business already in existence.
Does not use any machinery or plant previously used for any purpose.
- Except machinery imported from outside India or
- in case of used machinery in India whose value does not exceed twenty percent of total value.
Does not use any building previously used as a hotel or a convention centre in respect of which deduction under section 80-ID has been claimed and allowed.
Total income of the company has been computed

Without any special deductions (Section 10AA,32AD, 33AB,33ABA,35,35AD, 35CCC,35CCD,Chapter VI-A Deductions other than Section 80JJAA and 80M) &
without set off or carry forward of any loss attributable to any of the deductions mentioned herein. &
Without allowance for unabsorbed depreciation attributable to any of the deductions mentioned herein.
Depreciation allowable without allowing additional depreciation of 20% or 35% as the case may be as mentioned in section 32(1)(iia)

Option needs to be exercised on or before the due date for furnishing the first of the returns of Income.
Once the option has been exercised for any previous year, it cannot be subsequently withdrawn for the same or any other previous year.
Business of manufacture or production of any article or thing shall not include business of,—

Development of computer software in any form or in any media;
Mining;
Conversion of marble blocks or similar items into slabs;
Bottling of gas into cylinder;
Printing of books or production of cinematograph film; or
any other business as may be notified by the Central Government in this behalf; and

Total income of the person, includes any income, which has neither been derived from nor is incidental to manufacturing or production of an article or thing, such Income shall be taxed at twenty-two percent and no deduction or allowance in respect of any expenditure or allowance shall be allowed in computing such Income
income-tax payable in respect of income being short term capital gains derived from transfer of a capital asset on which no depreciation is allowable under the Act shall be computed at the rate of twenty-two per cent:

INCOME TAX RETURN FILING PROCESS WORKFLOW

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Payment for Services

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Return Filing

We ensure the timely filing of income tax returns.

Review and Signing

Providing necessary documents to the client for their review

Return Preparation

We diligently prepare your tax returns in adherence to statutory requirements

INCOME TAX RETURN FILING PROCESS WORKFLOW

Select Service

Choose the service you are interested in.

Get a Call

Our Expert will provide a free consultation over the phone.

Fill a Simple Questionaire

Complete a brief form and share the form with us.

Review and Signing

Providing necessary documents to the client for their review

Return Preparation

We diligently prepare your tax returns in adherence to statutory requirements

Document Sharing

Share required documents as indicated in the questionnaire

Return Filing

We ensure the timely filing of income tax returns.

Payment for Services

Pay professional fees for the services rendered

Feedback Matters

We value your feedback as it helps us better understand and serve our clients.

TERMS AND CONDITIONS

Amount is excluding all types of government fee, penalty, statutory audit fees, digital signature charges and taxes associated with the engagement.
We ensure that client data is safe and confidential; your privacy is our priority.
Pricing may vary if there are factors such as foreign income, DTAA applicability, holding assets and liabilities outside India, or any other complexities involved.

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