An annual return (or tax return/report) must generally be filed by individuals meeting specific income thresholds, most business entities (corporations, LLCs, LLPs), and tax-exempt organizations. Key requirements include:
Persons liable for filing Annual Return:
(a) An Input Service Distributor; (b) A person paying tax under Section 51 (i.e. TDS deductor); (c) A person paying tax under Section 52 (i.e. TCS collector); (d) A Casual Taxable Person; and (e) A Non Residential Taxable Person.
Statutory business entities — which include business corporations, nonprofit corporations, limited liability companies (LLCs), limited partnerships (LPs), and limited liability partnerships (LLPs) — are generally required to file an information report with the business entity filing office of their formation state and ...
Annual Reports: all Virginia and foreign corporations are required by the Commonwealth to file an acceptable annual report every year following the year of incorporation.
Publicly listed companies face mandatory requirements under the Corporations Act 2001 to issue annual reports. The Act sets out minimum contents including financial statements, director and auditor reports, and disclosures on corporate governance, remuneration, equity and Board skills.
You must file an income tax return in Virginia if:
you are a resident of Virginia, part-year resident, or a nonresident, and. you are required to file a federal income tax return, and.
At a glance
The minimum income amount to file taxes depends on your filing status and age. For 2025, the minimum income for Single filing status for filers under age 65 is $15,750 . If your income is below that threshold, you generally do not need to file a federal tax return.
Most taxpayers will do anything they can to avoid tax audits. Filling out an accurate tax return is the best way to avoid an audit. Additionally, you should ensure you double-check your math and only claim legitimate tax deductions. E-filing may also be helpful.
An individual whose sole income has been subjected to final withholding tax pursuant to Sec. 57 (A) of the Tax Code, or who is exempt from income tax pursuant to the Tax Code and other laws, is not required to file an income tax return.
If you don't file an annual report, your business risks late fees, suspension of its right to do business, and eventually administrative dissolution (being shut down by the state), which can lead to losing your liability protection, making it hard to get financing or contracts, and having your business name taken by others. Reinstatement is often possible but involves back payments, penalties, and extra paperwork, according to NCH inc..
If you do not complete your annual return, the Registrar may remove your company from the register, which means it would cease to exist. This could have serious consequences. For example: Your business would have difficulty obtaining credit, goods or services.
The requirement for accounting statement submission depends on the type and size of the entity. Private limited companies, public companies, and limited liability partnerships are obligated to submit their financial statements to ACRA annually.
Types of Annual Returns (GSTR-9, 9A, 9C)
It is mandatory if your business's turnover is more than ₹2 crore during the financial year.
Many states require LLCs to file an initial report shortly after formation and annual or biennial reports thereafter. These filings keep your company in good standing and often involve a small fee.
Annual returns for corporations, cooperatives, and organizations. Keep your corporation, cooperative, or non-profit organization active and in good standing by filing your annual return.
One-time forgiveness, officially known as First-Time Penalty Abatement (FTA), is an IRS program that allows qualified taxpayers to have certain penalties removed from their tax accounts.
Your filing threshold as a senior
If you have turned 65 or older by the end of 2025, you will need to file if you are: Single and have a gross income of $17,750 or more in 2025. A married couple, both 65 and older, filing jointly with a combined income of $34,700 or more.
Some people choose not to file a tax return because they are not legally required to file, but they could be missing out on refundable tax credits or an income tax refund. This could apply to someone if they: Have had federal income tax withheld from their pay.
Certain NRIs: If the NRIs are only generating income from dividends or interest, or if their income is subject to TDS, then they might be exempted from filing tax returns. Senior Citizens (above 75 years): Senior citizens above the age of 75 whose income consists of pension and interest can be exempt from filing ITR.
Single filing status. don't have any special circumstances that require you to file (like self-employment income) earn less than $15,750 (which is the 2025 Standard Deduction for a taxpayer filing as Single)
Filing Threshold: Single - $11,950. Married Filing Jointly - $23,900. Married Filing Separately - $11,950.
Nine U.S. states have no state income tax: Alaska, Florida, Nevada, New Hampshire, South Dakota, Tennessee, Texas, Washington, and Wyoming, though Washington does tax long-term capital gains, and New Hampshire is phasing out its interest/dividend tax. However, a lack of income tax doesn't mean lower overall taxes, as these states often rely on higher sales, property, or other specific taxes, like Florida's high homeowners' insurance or Texas's property taxes, to fund services, so consider the total tax burden, not just income tax.