search-openmobilesearch
Do not have an account?
Already have an account?
 

Returns and Forms Applicable for Domestic Company for AY 2021-22

info

Disclaimer: The content on this page is only to give an overview /  general guidance and is not exhaustive. For complete details and guidelines, please refer Income Tax Act, Rules and Notifications.

Domestic company:

As per Section 2(22A), Domestic Company means an Indian Company, or any other Company which, in respect of its income liable to tax under this Act, has made the prescribed arrangements for the declaration and payment, within India, of the dividends (including dividends on preference shares) payable out of such income.
 

1. ITR-6

Applicable for Companies other than those claiming exemption u/s 11. 

Company includes:   

Indian Company Body corporate incorporated by or under the laws of country outside India  Any institution, association or body, whether incorporated or not and whether Indian or Non-Indian which is declared by general or special order of the Board, to be Company, etc.

 

2. ITR-7

Applicable for Persons including Companies who are required to furnish returns u/s 139 (4A) or Section 139 (4B) or Section 139 (4C) or Section 139 (4D)

139(4A) – 
Income derived from Property held under Trust wholly / in part for charitable or religious purposes
139(4B) –
Chief Executive Officer of every Political Party
139(4C) – 
Various entities like Research Association, News Agency, etc. mentioned in Section 10
139(4D) – University, College or other Institution referred in Section 35

 

Forms Applicable

1. Form 26AS - Annual Information Statement
Provided by Details provided in the form
Income Tax Department 
(It is available on the TRACES portal that may be accessed after logging on to the e-Filing portal or Internet Banking)
  • Tax Deducted / Collected at Source
  • Advance Tax / Self-Assessment Tax paid
  • Specified Financial Transactions
  • Demand / Refund
  • Pending / Completed proceedings

 

2. Form 3CA-3CD
Provided by

Details provided in the form

Taxpayer requiring mandatory audit under any other law and who is required to get their accounts audited by an Accountant u/s 44AB. To be furnished on or before 30th September of the Assessment Year. Report of Audit of Accounts and Statement of Particulars required to be furnished under Section 44AB of the Income Tax Act, 1961

 

3. Form 3CEB
Submitted by Details provided in the form
Taxpayer who enters into an international transaction or specified domestic transaction is required to obtain a report from a chartered accountant u/s 92E. To be furnished at least one month before due date of filing of return u/s 139(1) i.e. 31st October of the Assessment Year. Report from a chartered  accountant containing details of all international transaction(s) or specified domestic transaction(s)

 

4. Form 16A – Certificate u/s 203 of the Income Tax Act, 1961 for TDS on Income other than Salary
Provided by

Details provided in the form

Deductor to Deductee Form 16A is a Tax Deducted at Source (TDS) Certificate issued quarterly that captures the amount of TDS, Nature of Payments and the TDS payments deposited with the Income Tax Department.

 

5. Form 29B
Submitted by Details provided in the form
Taxpayer who is required to obtain a report from an Accountant u/s 115JB of the Income Tax Act,1961. The same is to be furnished at least one month before the due date for filing of return u/s 139(1) Report in a case of Company to which Section 115JB applies certifying that the book profit has been computed in accordance with the provisions of Section 115JB    

 

6. Form 67- Statement of Income from a Country or Specified Territory outside India and Foreign Tax Credit
Submitted by Details provided in the form
Taxpayer, to be furnished on or before the due date specified for furnishing ITRs under section139(1) Income from a country or specified territory outside India and foreign tax credit claimed

 

7. 10-IC
Submitted by Details provided in the form
Taxpayer, to be furnished on or before the due date for filing ITR 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 

 

8. Form 10-ID
Submitted by Details provided in the form
Taxpayer 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

 

9. 10-CCB
Submitted by Details provided in the form
Taxpayer who is required to obtain a report from an Accountant to claim the deductions u/s 80-I(7) / 80- IA / 80-IB / 80-IC / 80-IE of the Income Tax Act, 1961. Audit Report in Form 10-CCB is a mandatory requirement to claim deduction u/s 80-I (7) / 80- IA / 80-IB / 80-IC / 80-IE. It is  to be filed one month before the due date for filing ITR u/s 139(1).  

 

10. 10-CCBBA
Submitted by Details provided in the form
Taxpayer who is required to obtain a report from an Accountant to claim the deductions u/s 80-ID(3)(iv) of the Income Tax Act, 1961 Audit Report in Form 10-CCB is a mandatory requirement to claim deduction u/s 80-ID(3)(iv) .It is to be filed one month before the due date for filing ITR u/s 139(1).  

 

11. 10-CCBC
Submitted by Details provided in the form
Taxpayer who is required to obtain a report from an Accountant to claim the deductions u/s 80-IB (11B) of the Income Tax Act,1961 Audit Report in Form 10-CCBC is a mandatory requirement to claim deduction u/s 80-IB(11B). It is to be filed one month before the due date for filing ITR u/s 139(1).  

 

Tax Slabs for Domestic Company for  AY 2021-22

Condition Income Tax Rate (excluding surcharge and cess)
Turnover or Gross Receipt in previous year 2018-19 not exceed ₹ 400 crores 25%
If opted for Section 115BA 25%
If opted for Section 115BAA 22%
If opted for Section 115BAB 15%
Any other Domestic Company 30%

 

Surcharge, Marginal Relief and Health & Education Cess

component 389
What is Surcharge?

Surcharge is an additional charge levied for persons earning income above the specified limits, it is charged on the amount of income tax calculated as per applicable rates

  • 7% - Taxable income above ₹ 1 crore– Up to ₹ 10 crore
  • 12% - Taxable income above ₹ 10 crore
  • 10% - If Company opting for taxability u/s 115BAA or Section 115BAB
What is Marginal Relief?
Marginal Relief is a relief from surcharge, provided in cases where the surcharge payable exceeds the additional income that makes the person liable for surcharge. The amount payable as surcharge shall not exceed the amount of income earned exceeding ₹ 1 crore and ₹ 10 crore respectively
What is Health and Education cess?
Health and Education cess @ 4% shall also be paid on the amount of income tax plus surcharge (if any).

 

info

Note: 

  • A Company shall be liable to pay Minimum Alternate Tax (MAT) at 15% of book profit (plus surcharge and Health and Education cess as applicable) where the normal tax liability of the Company is less than 15% of book profit. 
  • A Company, being a unit of an International Financial Services Centre and deriving its income solely in convertible foreign exchange, MAT shall be payable at 9% (plus cess and surcharge as applicable)
  • A Company opting for special rate taxation under Section 115BAA and 115BAB are exempt from paying MAT.
  • The Companies opting for special rate of taxation u/s 115BAA or 115BAB will not be allowed certain deductions like section 80IA, 80IAB, 80IAC, 80IB and so on, except deduction u/s 80JJAA and 80M.

 

Investments/ Payments / Incomes on which I can get Tax Benefit 

Tax deductions specified under Chapter VI-A of the Income Tax Act

80G

Deduction towards donations made to prescribed funds, charitable institutions, etc.

Donation are eligible for deduction under the below categories:

Subject to qualifying limit
group
100% deduction
50% deduction
Without any limit
group
100% deduction
50% deduction

 

 

 

 

 

Note: No deduction shall be allowed under this section in respect of donation made in cash exceeding ₹ 2000/-.

 

80GGA

Deduction towards donations made for Scientific Research or Rural Development.

Donation are eligible for deduction under the below categories:

Research Association or University, College or other Institution for
  • Scientific Research
  • Social Science or Statistical Research
Association or Institution for 
  • Rural Development
  • Conservation of Natural Resources or for afforestation
PSU or Local Authority or an association or institution approved by the National Committee for carrying out any eligible project 
Funds notified by Central Government for:
  • Afforestation
  • Rural Development
National Urban Poverty Eradication Fund as set up and notified by Central Government

 

Note: No deduction shall be allowed under this section in respect of donation made in cash exceeding ₹ 2000 or if gross total income includes income from Profit / Gains from Business / Profession.

 

80GGB
Sum contributed to Political Party or Electoral Trust is allowed as deduction (subject to certain conditions)
group Deduction of total amount paid through any mode other than cash

 

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

(subject to certain conditions)

group
100% of profit for 10 consecutive AYs falling within a period of 15 AY beginning with the AY in which Assessee develops / begins operating and maintaining infrastructure facility
(No deduction shall be allowed if development, operation, etc. started after specified dates for specified business)

 

80IAB

Deduction in respect of Profits and Gains by an Undertaking or an Enterprise engaged in development of Special Economic Zone

(subject to certain conditions)

group
100% of profit for 10 consecutive AY out of 15 AY beginning from the year in which a Special Economic Zone has been notified by the Central Government
No deduction to an Assessee, where the development of Special Economic Zone begins on or after 1st April 2017

 

80IAC
Profit and Gains derived by an Eligible Start-up from Specified Business
group 100% of profit for 3 consecutive assessment years out of 10 years beginning from the year in which the eligible Start-up is incorporated

 

80IB

Deduction towards Profits and Gains from specified industrial undertakings other than infrastructure development undertakings- 100% of profit for 10 years from the AY in which it is approved by prescribed authority (if approved after 31st March 2000 but before 1st April 2007)

The deduction under this section is available to an Assessee whose gross total income includes any Profits and Gains derived from the business of:

Industrial Undertaking including an SSI in J&K
Commercial Production and Refining of Mineral Oil
Processing, Preservation and Packaging of Fruits or Vegetables, Meat and Meat Products or Poultry or Marine or Dairy Products; Integrated Business of Handling, Storage and Transportation of Food Grains
(Subject to certain conditions) 

 

100% / 25% of profit for 5 / 10 / 7 years as per conditions specified for different types of undertakings

 

80IBA
Profit and Gains derived from Developing and Building Housing Projects
group 100% of profit subject to various conditions specified

 

80IC

Deduction in respect of certain Undertakings in Himachal Pradesh, Sikkim, Uttaranchal and North-Eastern states

(subject to certain conditions)

group 100% of profits for first 5 AY and 25% (30% for a company) for next 5 AY to manufacture or produce specified article or thing

 

80IE

Deduction to certain Undertakings set up in North-Eastern states

(subject to certain conditions)

group 100% of profits for 10 AY subject to various conditions specified 

 

80JJA

Deduction in respect of Profits and Gains from Business of Collecting and Processing of Biodegradable Waste

(subject to certain conditions)

group 100% of profits from activity of collecting, processing and treating bio degradable waste for 5 consecutive AYs 

 

80JJAA

Deduction in respect of Employment of New Workers / Employees, applicable to Assessee to whom Section 44AB applies

(subject to certain conditions)

group 30% of additional employee cost for 3 AY, subject to certain conditions

 

80LA

Deduction for Income of Offshore Banking Units and International Financial Services Centre

(subject to certain conditions)

group 100% / 50% of specified income for 5 / 10 AY, as per specified conditions

 

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
group Where the Gross Total Income of Domestic Company in any previous year includes any income by way of dividends from any other Domestic Company or Foreign Company or a Business Trust ,there shall, in accordance with and subject to provisions of this section, be allowed in computing the Total Income of such Domestic Company, a deduction of an amount equal to so much of the amount of income by way of dividend received from another Domestic Company as does not exceed the amount of dividend distributed to shareholder one month prior to the due date of filing of return

 

80PA
Producer company engaged in an Eligible Business of Marketing, Purchase or Processing of Agricultural Produce of its Members
group 100% of profits for a period of 5 years from the AY 2019-20 subject to the condition that the total turnover of Company shall be less than ₹ 100 crores during the FY

 

Page Last Reviewed or Updated: 24-Aug-2021