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.
Applicable for Companies other than those claiming exemption u/s 11.
| 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. |
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 |
Income Tax Department (It is available on e-Filing Portal:
Note:
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
Details provided in the form
| 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) |
Details provided in the form
| 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 |
| 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 |
| 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 |
| 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 |
| 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). |
| 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). |
| 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). |
| 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
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
Note:
Tax deductions specified under Chapter VI-A of the Income Tax Act
Deduction towards donations made to prescribed funds, charitable institutions, etc.
Donation are eligible for deduction under the below categories:
| 100% deduction |
| 50% deduction |
| 100% deduction |
| 50% deduction |
Note: No deduction shall be allowed under this section in respect of donation made in cash exceeding ₹ 2000/-.
Deduction towards donations made for Scientific Research or Rural Development.
Donation are eligible for deduction under the below categories:
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.
| Deduction of total amount paid through any mode other than cash |
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) |
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 |
| 100% of profit for 3 consecutive assessment years out of 10 years beginning from the year in which the eligible Start-up is incorporated |
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
| 100% of profit subject to various conditions specified |
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 |
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 |
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 |
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 |
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 |
| 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 |
| 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 |