Suppose 4 Person Sachin,Tarun,Ali and Rakesh decide to form a company STAR Exports Private Limited

In this case,Star Exports will have a separate Pan No and file ITR for the same

Also all 4 person will file their Individual ITR

 

Note:-  

ITR for Company is Compulsory in all cases

ITR for Shareholders and Directors to be filed if their Income is more than Income Tax Exemption Limit(more than 250000)

(This is normally when they are receiving salary from company)

  1. Practical Income Tax
  2. Corporate Income Tax

About the Author

CA Maninder Singh's photo - Expert in Practical Accounts, Taxation and Efiling
CA Maninder Singh
CA Maninder Singh is a Chartered Accountant for the past 8 years. He provides courses for Practical Accounts, Taxation and Efiling at teachoo.com .