Depreciation review - not just data entry

Ollvy CA verifies depreciation rates on every asset. Wrong rates caught before filing.

Director remuneration treatment

How director salary vs dividends is treated affects your tax bill. Ollvy CA checks compliance with Companies Act limits.

Form 26AS cross-check

Tax credits verified against Form 26AS before filing. Mismatches resolved upfront.

Without Ollvy: File without checking - get a demand notice for mismatched credits

With Ollvy: Form 26AS cross-checked before filing

Draft ITR shared before filing

Complete return shared in app - income, deductions, final tax number. You approve before anything is filed.

Without Ollvy: ITR filed, acknowledgement sent, no review

With Ollvy: Draft shared, you approve, then Ollvy CA files

ITR-V stored permanently

Filing acknowledgement uploaded to your Ollvy account immediately. Available for loans, visa, or audits.

Late filing interest - Section 234A

• File after October 31 with tax due = 1% per month interest from the original deadline.
• On Rs. 5 lakh tax due, that's Rs. 5,000 per month of delay.
• Ollvy CA calculates exact interest before filing - no surprises.

Loss carry-forward permanently lost

• If your business made a loss and you file after October 31, you permanently lose the right to carry it forward.
• A Rs. 20 lakh loss that could save Rs. 5 lakh in tax next year - gone.
• Cannot be reversed. File on time.

Defective return notice - Section 139(9)

• Late filers are flagged for scrutiny.
• Defective return notice gives you 15 days to respond - miss it and the return is treated as never filed.
• Ollvy CA files correctly the first time.

MAT applicability missed (Section 115JB)

• Every company pays the higher of regular tax (30% on taxable profits) or Minimum Alternate Tax (15% on book profits plus surcharge).
• Ignoring MAT calculation triggers a Section 115JB demand notice later with interest under Section 234B and 234C.
• Ollvy CA runs both calculations and files Form 29B with the ITR.

Tax audit report not uploaded before ITR (Section 44AB)

• Companies with turnover above Rs 1 crore (Rs 10 crore with digital transactions) need tax audit.
• Form 3CD must be uploaded by the auditor before the ITR is filed.
• Missing the September 30 audit deadline makes the ITR defective and costs 0.5% of turnover as penalty (Section 271B, capped at Rs 1.5 lakh).

Advance tax underpayment interest (Section 234B, 234C)

• Companies with tax liability above Rs 10,000 must pay advance tax in 4 installments (15% by June 15, 45% by September 15, 75% by December 15, 100% by March 15).
• Underpaying any installment triggers 1% per month interest under Section 234B and 234C.
• Ollvy calculates advance tax estimates quarterly based on projected profits.

When is business ITR due?

October 31 for all Pvt Ltd companies (statutory audit mandatory, so extended deadline applies). July 31 for LLPs not requiring audit. October 31 for LLPs requiring audit.

ITR-5 vs ITR-6?

ITR-6 for all companies (Pvt Ltd, Public Ltd, OPC). ITR-5 for LLPs and partnerships. Determined by entity type, not turnover. Ollvy picks the right form.

Documents needed?

Audited P&L, balance sheet, trial balance, full-year bank statements, Form 26AS, and depreciation schedule. Ollvy CA pulls Form 26AS and cross-checks.

Do I need an audit?

All Pvt Ltd companies need statutory audit regardless of turnover. LLPs above Rs. 40 lakh turnover or Rs. 25 lakh contribution. Tax audit (separate) above Rs. 1 crore turnover.

What is the difference between presumptive taxation (Section 44AD) and regular ITR?

Presumptive taxation (Section 44AD for business, 44ADA for professionals) lets you declare 6-8% of turnover as profit without maintaining books, filed via ITR-4. Regular ITR (ITR-5 for LLPs, ITR-6 for companies) requires full P&L and balance sheet. Companies cannot opt for presumptive. For LLPs under Rs 2 crore turnover, presumptive can save significant effort. Ollvy evaluates both during filing to pick the lower tax outcome.

My company had no revenue this year. Do I still file?

Yes. Pvt Ltd and LLP must file ITR every year regardless of revenue, even if zero. Missing the deadline for a zero-revenue year still costs Rs 5,000 to Rs 10,000 in late fees (Section 234F) and prevents carrying forward losses from setup expenses. Ollvy files nil returns at the same Rs 4,999 price.

What happens if I file ITR after the extended deadline?

After the extended due date (usually December 31 for companies), you can still file a belated return until March 31 with Rs 5,000 to Rs 10,000 late fee plus loss of some carry-forward benefits. After March 31, you can file ITR-U (updated return) within 24 months by paying 25% to 50% additional tax. Filing belated in January is much cheaper than filing ITR-U next March.

Is MAT (Minimum Alternate Tax) applicable to my company?

MAT applies to every company (Section 115JB) - 15% of book profits plus surcharge and cess. If your regular tax liability is less than MAT (common in startups with depreciation-heavy P&L), you pay MAT instead. The excess becomes MAT credit carried forward for 15 years. Ollvy calculates both regular tax and MAT on every filing.

Can I revise a filed ITR if I spot an error?

Yes. Revised return under Section 139(5) can be filed within 3 months before the assessment year ends or before assessment is completed, whichever is earlier. No penalty for revising. Ollvy revises at no extra charge if the error was Ollvy fault; Rs 999 if the founder supplied incorrect data originally.

How long should I keep ITR-6 supporting documents?

Minimum 8 years from the end of the relevant assessment year (Section 44AA). Income Tax can reopen assessment up to 10 years in serious cases (Section 148A). Keep P&L, balance sheet, bank statements, invoices, TDS certificates, and audit report for at least 10 years. Ollvy provides a digital archive of every ITR filing for 10-year retention.

What is ITR-U and when do I need it?

ITR-U (updated return, Section 139(8A)) lets you update a filed ITR up to 24 months after the assessment year ends, with 25% additional tax (within 12 months) or 50% additional tax (12-24 months) over the tax and interest due. Use it only if you missed reporting income or claimed excess deductions. Cannot use ITR-U to claim a refund or reduce tax liability.