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ITR Filing For Farmer Producer Company

A Farmer Producer Company (FPC) is a type of company formed by farmers to collectively engage in activities like production, harvesting, processing, procurement, and selling of agricultural produce. FPCs operate like a private limited company but with the goal of benefiting farmers.

Complete Your ITR Filing

Ready Your ITR Filing For Farmer Producer Company with Auriga Accounting

  • Connect with our Experts
  • Submit Your Required Documents
  • Track Application Status
  • Received your Certificate

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Why Should I Use Auriga Accounting For ITR Filing For Farmer Producer Company ?

Auriga Accounting has a team of registration experts who can provide complete guidance to register your ITR Filing For Farmer Producer Company

book appointment

Our team of experts will get in touch with you and collect all necessary documents and details

Resolve all your queries

We fill out and file your application for ITR Filing 

Complete your ITR Filing

Ready Your ITR Filing For Farmer Producer Company.

Why Should I Use Auriga Accounting For ITR Filing For Farmer Producer Company ?

Auriga Accounting has a team of registration experts who can provide complete guidance to register your ITR Filing For Farmer Producer Company

book appointment

Our team of experts will get in touch with you and collect all necessary documents and details

Resolve all your queries

We fill out and file your application for ITR Filing 

Complete your ITR Filing

Ready Your ITR Filing For Farmer Producer Company.

Overview
File ITR
Applicable
Benefit
Documents
Audit
Due Date
Penalties
Tax
Process

Overview - ITR Filing For Farmer Producer Company

A producer company is a legally established entity created by farmers or agriculturalists aimed at improving their living standards and ensuring the sustainability of their support systems, revenue, and profitability. According to Section 465(1) of the Companies Act, 2013, the provisions governing Producer Companies under Part IXA of the Companies Act, 1956, still apply. Thus, a Producer Company can be formed by a minimum of ten individuals, two or more institutions, or a combination of both, as long as they pursue a common business purpose.

Why Must an FPC File ITR?

–Legal Obligation – Mandatory under Income Tax Act, 1961.
-Claim Tax Exemptions – FPCs can claim agricultural income exemptions under Section 10(1).
-Avoid Penalties – Non-filing attracts fines and penalties.
-Carry Forward Losses – Business losses can be carried forward for 8 years.
-Ensure Credibility – ITR is essential for loans, grants, and government schemes.

Applicable ITR Forms for FPC

  • ITR-6 – Default form for companies unless exempt under Section 11 (charitable income).
  • ITR-7 – Only if FPC operates as a charitable organization (rare).

Benefits of Timely ITR Filing for FPC

-Avoid penalties and interest charges
–Claim tax benefits and exemptions
-Carry forward losses for future tax savings
-Ensure compliance with regulatory authorities
-Build credibility for loans, tenders, and government grants

Documents Required for FPC ITR Filing

  • PAN card of the FPC
  • Certificate of Incorporation
  • Financial Statements (Profit & Loss Account, Balance Sheet)
  • Bank Statements
  • TDS Certificates
  • GST Returns (if applicable)
  • Audit Report (if applicable)

Audit Requirements for FPC

FPCs must get their accounts audited by a Chartered Accountant (CA) if:

  • Annual turnover exceeds ₹1 crore (for business income).
  • Gross receipts exceed ₹50 lakh (for professional services).

The audit must be filed with Form 3CA-3CD or Form 3CB-3CD.

Due Dates for FPC

  • 31st October – For companies requiring audit.
  • 31st July – For companies not requiring audit.

Penalties for Late/Non-Filing

  • Late Filing Penalty – ₹1,000 to ₹10,000 under Section 234F.
  • Interest on Tax Due – Sections 234A, 234B, 234C apply for late payments.
  • Prosecution – Repeated non-compliance can lead to legal action.

Tax Rates for Farmer Producer Companies (FY 2023-24)

  1. Login to the Income Tax e-filing portal using the FPC’s PAN.
  2. Select Form ITR-6 (or ITR-7 if applicable).
  3. Enter company details – Name, PAN, address, etc.
  4. Declare income, expenses, deductions, and tax computation.
  5. Attach audit report (if required).
  6. Verify return – Digital Signature Certificate (DSC) is mandatory for companies.
  7. Submit the return.

Surcharge: 7% – If income exceeds ₹1 crore. 12% – If income exceeds ₹10 crore

Health & Education Cess: 4% on tax + surcharge

Tax Benefits for FPC

FPCs can claim tax exemptions on income derived from:

  • Agricultural production
  • Processing of produce grown by members
  • Marketing and distribution of members’ produce

Under Section 80P, certain income of FPCs engaged in marketing agricultural produce is deductible, but this depends on specific business activities.

Step-by-Step ITR Filing Process for Farmer Producer Company

  1. Login to the Income Tax e-filing portal using the FPC’s PAN.
  2. Select Form ITR-6 (or ITR-7 if applicable).
  3. Enter company details – Name, PAN, address, etc.
  4. Declare income, expenses, deductions, and tax computation.
  5. Attach audit report (if required).
  6. Verify return – Digital Signature Certificate (DSC) is mandatory for companies.
  7. Submit the return.

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2023-06-10
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