A Private Limited Company (Pvt Ltd) is a type of corporate legal entity registered under the Companies Act, 2013. It is a separate legal entity from its shareholders and directors, which makes it liable to comply with various statutory and regulatory requirements — including filing an annual Income Tax Return under the Income Tax Act, 1961.
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Under the Income Tax Act, a company is treated as a separate taxable entity. Every private limited company, regardless of its turnover, profit, or activity level, must mandatorily file an ITR each financial year.
Almost all private limited companies are required to get their accounts audited under the Companies Act and/or Income Tax Act.
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