Filing your Company Income Tax Return (ITR) on time is an important responsibility for every business. If your company earned income during the Financial Year (FY) 2025-26 and is subject to a tax audit, you must file your return for Assessment Year (AY) 2026-27 by 31 October 2026. Filing your return on time helps your company stay compliant with tax laws. It also helps you avoid penalties, interest, and unnecessary notices from the Income Tax Department. A timely filed return also improves your company's financial credibility when applying for loans or working with banks and investors. Make sure your financial records are complete before filing. Verify your books of accounts, financial statements, TDS details, advance tax payments, and other tax information. Filing an accurate return helps avoid mistakes and delays. If you miss the due date, your company may incur interest and other charges. You may also lose certain tax benefits available under the Income Tax Act. Preparing and filing a company tax return can be time-consuming. Getting professional support helps ensure that your return is accurate, complete, and filed on time. If the self-assessment tax is not paid by the due date, the company will have to pay: The outstanding tax. Interest on the delayed payment under the applicable provisions of the Income-tax Act, 1961. Any applicable late filing fee if the return is also filed after the due date. Conclusion Filing of Income Tax Returns for AY 2026-27 shall be the last under the Income-tax Act, 1961. From the next tax year onwards, returns will be filed under the Income-tax Act, 2025. Therefore, it is important to file this year's return accurately and in accordance with the provisions of the Income-tax Act, 1961. At Tax Monks, we help businesses file their Company Income Tax Returns with accuracy and confidence. Our experienced team handles the filing process, so you can focus on growing your business. For enquiries, mail us at: info.taxmonks@gmail.com / info@taxmonks.com Visit: www.taxmonks.com Call: +91 98957 42652What if the company does not pay its tax on time?
