Preparation of Financial Statements

• Companies must first finalize their profit and loss account and balance sheet.
  
• Books of accounts must be prepared according to applicable accounting standards.
  
• All incomes, expenses, deductions, and tax provisions must be accurately recorded.
  
• Adjustments for depreciation, disallowances, and tax provisions must be done.
  
• Audit of accounts is mandatory if required under the Income-tax Act or Companies Act.
  

Obtain and Review Tax Audit Report

• Companies subject to tax audit must obtain Form 3CA or 3CB along with Form 3CD.
  
• The report must be uploaded by the chartered accountant on the e-filing portal.
  
• It should include quantitative details, related party transactions, and tax compliances.
  
• The audit must be completed and filed before the specified due date.
  
• Companies should verify and accept the report on the income tax portal.
  

Compute Tax Liability and Pay Dues

• Calculate total income after considering all allowable deductions and disallowances.
  
• Apply the applicable tax rate including surcharge and cess.
  
• Adjust for advance tax already paid and TDS credits.
  
• Pay any balance tax using challan ITNS 280 before filing the return.
  
• Ensure that MAT or AMT liability, if applicable, is also included.
  

File Income Tax Return (ITR-6)

• Companies (other than those claiming exemption) must file using Form ITR-6.
  
• The return must be filed electronically through the Income Tax Department’s portal.
  
• Digital Signature Certificate (DSC) is mandatory for corporate return filing.
  
• All financial, audit, and tax details must be entered correctly.
  
• Verify the return submission acknowledgment (ITR-V) generated after filing.
  

Post-Filing Compliance and Recordkeeping

• Retain proof of filing, tax payment challans, and acknowledgment copies.
  
• Monitor the return status and keep track of refund claims, if any.
  
• Respond to notices or queries from the Income Tax Department, if issued.
  
• Maintain records for at least six years for audit and assessment purposes.
  
• Rectify errors or omissions through revised return if allowed within time limits.