Company Tax Returns

 

Income tax is a tax imposed by the Central Government on income of a person. Filing income tax is every citizen’s responsibility. Company Tax Returns  The IT department verifies these declarations of income and if any amount has been paid in excess, the department refunds the amount to the account. All entities are required to file the taxes on time to avoid penalty. Filing business tax returns is essentially the process by which a business has to report its income and expenditure to the Income Tax department. All businesses that are operating, whether small or big have to file Income Tax returns every year. The tax return for companies is more complicated than individual taxpayers. A business tax return is nothing but a statement of income earned and expenditure of the business. If the business posts some profits, tax needs to be paid on the profits. Apart from filing taxes, a business may also be required to file TDS or pay advance tax as the need be. Tax returns filed by a business also will have details on assets and liabilities a business has. In this article, we will take a look at how to file business income tax returns and also specifically at filing small business tax returns. A Company Tax Return is the financial information that most companies file with HMRC each year to report on their earnings, losses, loans and any other factors relevant to their tax liability. Companies use this information to calculate the Corporation Tax that they owe.