Domestic Company for AY 2024-25

Returns and Forms Applicable for Domestic Company for AY 2024-25

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 e-Filing Portal: Login > e-File> Income Tax Return > View Form 26AS)	Tax Deducted / Collected at Source

Note:

Information (Advance tax/SAT, Details of refund, SFT Transaction, TDS u/s 194 IA,194 IB,194M,TDS defaults) which were available in 26AS will now be available in AIS mentioned below

2. AIS - Annual Information Statement

Provided by

Details provided in the form

Income Tax Department (It can be accessed after logging on to Income Tax e-Filing portal)

Path to Access AIS: Go to e-filing portal>login>AIS

Tax Deducted / Collected at Source
SFT Information
Payment of taxes
Demand / Refund
Other information (Like; Pending/Completed proceedings, GST Information, Information received from foreign government etc)

3. 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 one month before the due date for furnishing the return of income under sub-section (1) of section 139.	Report of Audit of Accounts and Statement of Particulars required to be furnished under Section 44AB of the Income Tax Act, 1961

4. 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 one month before the due date for furnishing the return of income under sub-section (1) of section 139.	Report from a chartered accountant containing details of all international transaction(s) or specified domestic transaction(s)

5. 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 certificate of Tax Deducted at Source (TDS) issued quarterly that captures the amount of TDS, Nature of Payments and the TDS payments deposited with the Income Tax Department.

6. 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. To be furnished one month before the due date for furnishing the return of income under sub-section (1) of section 139.	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

7. 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 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

8. Form 10-IC

Submitted by	Details provided in the form
Taxpayer 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

9. 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

10. Form 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).

11. Form 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).

12. Form 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 2024-25

Condition	Income Tax Rate (excluding surcharge and cess)
Total Turnover or Gross Receipts during the previous year 2020-21 does 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

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).

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

Section 80G

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

Donation are eligible for deduction under the below categories:

Subject to qualifying limit

100% deduction

50% deduction

Without any limit

100% deduction

50% deduction

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

Section 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.

Section 80GGB

Sum contributed to Political Party or Electoral Trust is allowed as deduction (subject to certain conditions)

Deduction of total amount paid through any mode other than cash

Section 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)

100% of profit for 10 consecutive AYs falling within a period of 15 AYs 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)

Section 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)

100% of profit for 10 consecutive AYs out of 15 AYs 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

Section 80IAC

Profit and Gains derived by an Eligible Start-up from Specified Business

100% of profit for 3 consecutive assessment years out of 10 years beginning from the year in which the eligible Start-up is incorporated

Section 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

Section 80IBA

Profit and Gains derived from Developing and Building Housing Projects

100% of profit subject to various conditions specified

Section 80IC

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

(subject to certain conditions)

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

Section 80IE

Deduction to certain Undertakings set up in North-Eastern states

(subject to certain conditions)

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

Section 80JJA

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

(subject to certain conditions)

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

Section 80JJAA

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

(subject to certain conditions)

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

Section 80LA

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

(subject to certain conditions)

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

Section 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

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

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