Corporation Tax

Information on this page relates to a tax year that began on or after January 1, 2022, and before January 1, 2023. If your business is incorporated in New York State or does business or participates in certain other activities in New York State, you may have to file an annual New York State corporation tax return to pay a franchise tax under the New York State Tax Law. The way you compute the tax and the type of return you file will depend on the type of business your corporation conducts

Corporation income tax return

The Income Tax Department has prescribed two ITR forms for filing of income tax return of a sole proprietor. These are as below: ITR-3: ITR-3 is the ITR form prescribed for the taxpayers engaged in the business or profession. In ITR-3, the details of the Balance Sheet and Profit & Loss A/c of the taxpayer are also required to be filled. ITR-4: ITR-4 form is prescribed for those taxpayers who want to choose the presumptive income scheme as per sections 44AD, 44ADA, and 44AE. The Presumptive Income Scheme is a simple tax scheme prescribed by the IT department for the small traders which saves them from the cost & time involved in maintaining books of accounts.

Income Tax Return Filing Proprietorship Firm

All resident corporations (except tax-exempt Crown corporations, Hutterite colonies and registered charities) have to file a corporation income tax (T2) return every tax year even if there is no tax payable. This includes:

non-profit organizations

tax-exempt corporations

inactive corporations

SPECIAL RULES FOR FOREIGN INVESTORS

The Income Tax Department has prescribed two ITR forms for filing of income tax return of a sole proprietor. These are as below: ITR-3: ITR-3 is the ITR form prescribed for the taxpayers engaged in the business or profession. In ITR-3, the details of the Balance Sheet and Profit & Loss A/c of the taxpayer are also required to be filled. ITR-4: ITR-4 form is prescribed for those taxpayers who want to choose the presumptive income scheme as per sections 44AD, 44ADA, and 44AE. The Presumptive Income Scheme is a simple tax scheme prescribed by the IT department for the small traders which saves them from the cost & time involved in maintaining books of accounts.