Looking for ITR filing services for companies in Bhubaneswar? Get expert assistance for seamless compliance, accurate documentation, and timely submission of your company’s income tax returns.
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Ready Your ITR Filing For Companies with Auriga Accounting
Auriga Accounting has a team of registration experts who can provide complete guidance to register your ITR Filing For Companies In Bhubaneswar.
Our team of experts will get in touch with you and collect all necessary documents and details
We fill out and file your application for ITR Filing
Ready Your ITR Filing For Companies In Bhubaneswar
Auriga Accounting has a team of registration experts who can provide complete guidance to register your ITR 8 Return Filing In Bhubaneswar.
Our team of experts will get in touch with you and collect all necessary documents and details
We fill out and file your application for ITR Filing
Ready Your ITR Filing For Companies In Bhubaneswar
Filing Income Tax Returns (ITR) is a crucial compliance requirement for companies operating in Bhubaneswar. This process involves preparing and submitting accurate financial information to the Income Tax Department to ensure legal compliance and avoid penalties. Companies must gather essential documents, finalize financial statements, calculate tax liabilities, and submit the appropriate ITR form through the official portal. Professional assistance can streamline the process, ensuring timely and error-free filings tailored to the specific requirements of businesses in Bhubaneswar.
In Odisha, any company engaged in business or earning income subject to tax is required to file Income Tax Returns (ITR). This obligation applies to private limited companies, public limited companies, Limited Liability Partnerships (LLPs), and other corporate entities that generate taxable income during the financial year. Companies with gross turnover exceeding the prescribed limit or those liable to pay income tax must ensure their ITRs are filed. Even if a company has no taxable income or incurs a loss, filing an ITR may still be necessary for statutory compliance, claiming refunds, or carrying forward losses. Timely and accurate ITR submission is essential to stay compliant with Odisha’s tax regulations and to avoid penalties.
Legal Compliance: Filing ITR ensures that companies adhere to Odisha’s tax laws, avoiding penalties and legal issues.
Establishing Credibility: Regular tax filings enhance a company’s credibility with banks, investors, and stakeholders, facilitating easier access to finance and partnerships.
Financial Record Keeping: ITR filing helps maintain accurate financial records, which are valuable for audits, future planning, and decision-making.
Claim Refunds: Companies that have paid excess tax or eligible for refunds can claim them through timely ITR submission.
Carrying Forward Losses: Filing ITR allows companies to carry forward losses to offset future income, reducing tax liability in subsequent years.
Loan and Credit Facilitation: A verified ITR receipt can improve chances of loan approval and creditworthiness from financial institutions.
Avoid Penalties: Timely filing prevents penalties, interest charges, and legal repercussions associated with non-compliance.
Business Growth: Proper documentation and compliance foster trust and stability, supporting long-term business growth in Bhubaneswar and beyond.
PAN Card of the Company: The Permanent Account Number issued by the Income Tax Department, serving as the company’s unique tax identification.
Registration Certificates: Incorporation certificate and other relevant registration documents, such as GST registration, which serve as legal proof of business registration.
Financial Statements: Audited financial statements for the relevant financial year, including the Balance Sheet, Profit & Loss Account, and Cash Flow Statements.
Tax Audit Report: If applicable, the tax audit report (Form 3CB/3CD) confirming compliance with audit requirements.
Bank Statements: Complete bank account statements for all accounts held during the financial year.
Sources of Income: Detailed records of all income sources, including business revenue, interest, dividends, and other earnings.
TDS Certificates: TDS-related documents such as Form 16, 16A, 26AS, and any other certificates received during the year.
Expense Documentation: Supporting records for business expenses, depreciation claims, and other applicable deductions.
Audit and Compliance Reports: Statutory audit reports and other documentation confirming regulatory compliance, if applicable.
Previous Year’s ITR: A copy of the filed Income Tax Return for the prior year for reference and comparison.
For companies in Odisha, the applicable Income Tax Return (ITR) forms depend on the type of business and its turnover. The main ITR forms used for filing are:
ITR-6: Applicable for: Private limited companies, unlisted companies, and other companies not mandated to file ITR-7. Purpose: Used by entities claiming exemption under Section 11 (such as charitable or religious organizations) or those not covered under ITR-7.
ITR-7: Applicable for: Companies, including charitable or religious trusts, institutions, and political parties required to file returns under specific sections of the Income Tax Act (primarily Sections 139(4A), 139(4B), 139(4C), or 139(4D)). Purpose: Filed by entities claiming exemption under Sections 10(23C), 11, or 12, or those with income from particular sources.
-Without Audit: July 31, 2025
–With Audit (Under Section 44AB): October 31, 2025
–Transfer Pricing Cases: November 30, 2025
The income tax rate for companies in India depends on the type of company, turnover, and whether they opt for special tax regimes.
Type of Company | Tax Rate |
Companies with turnover up to ₹400 crore (in FY 2022-23) | 25% |
Companies with turnover above ₹400 crore | 30% |
Companies opting for Section 115BA (new manufacturing companies set up on or after March 1, 2016) | 25% |
Companies opting for Section 115BAA (reduced corporate tax rate without exemptions) | 22% |
New manufacturing companies opting for Section 115BAB | 15% |
Surcharge & Cess (for Domestic Companies)
Income Type | Tax Rate |
Income from Indian operations (e.g., royalty, fees for technical services) | 40% |
Other income from business operations in India | 40% |
Surcharge & Cess (for Foreign Companies)
Tax Rate Summary for Companies Under Special Tax Regimes
Section | Tax Rate | Applicability |
115BA | 25% | Domestic manufacturing companies (set up after March 1, 2016) |
115BAA | 22% | Companies that do not claim exemptions/deductions |
115BAB | 15% | New manufacturing companies (set up on or after October 1, 2019) |
Additional Tax Implications for Companies
✔ Minimum Alternate Tax (MAT) – 15% of book profits (if applicable, under Section 115JB)
✔ Dividend Distribution Tax (DDT) – Abolished from April 1, 2020 (dividends are taxed in the hands of shareholders)
Penalty for Late Filing
–₹5,000 to ₹10,000 penalty under Section 234F
–Interest on outstanding tax under Section 234A, 234B & 234C
Gather Financial Data: Compile all essential financial documents, including the Balance Sheet, Profit & Loss Statement, and detailed records of income, expenses, and eligible deductions.
Select the Appropriate ITR Form: Determine whether your company should file ITR-6 or ITR-7, based on its legal structure and applicable exemptions.
Register on the Income Tax Department Portal: If not already registered, create an account on the official e-filing portal of the Income Tax Department.
Access or Download the ITR Form: Use the online utility or download the offline Excel/XML utility to accurately fill out the required form.
Complete the Form: Carefully input all necessary details, including income figures, deductions, tax payments, and other relevant information.
Validate and Generate XML File: Use the utility’s validation feature to check for errors. Once verified, generate the XML file for submission.
Upload the ITR File: Log in to the portal and upload the validated XML document.
Pay Any Tax Liability: If there is tax payable, make the payment online through the portal and retain the payment confirmation or reference number.
Submit the Return and Obtain Acknowledgment: Complete the submission process electronically. After successful filing, download and retain the acknowledgment receipt (ITR-V).
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