Pushing the deadlines back is more like a custom when comes to Income Tax Return filing. Where the last date was less than a week away, the CBDT again pushes the due dates for another 15 days for entities required to file ITR by 30th September, 2018. For the assessment year 2018-19 i.e. previous year 2017-18, the taxpayers are now relaxed further with extension of 15 days till 31st October, 2018 from 15th October, 2018.
Let’s have a quick summary on which entities need to comply with the upcoming due date of Income Tax Return Filing:
- Every Company registered under Companies Act, 2013
- Every business entity (Proprietor, Partnership, LLP or otherwise), which falls under purview of tax audit or requires books to be audited
For these entities, the ITR filing is mandatory and the form is accompanied by the Audit Report for the whole financial year. Apart from its mandate, the taxpayers should voluntarily consider filing return, because of following consequences:
- Most financial institutions will ask for tax returns for loan processing
- ITR filing will create a capital base, which will define the financial worth
- Delay in filing leads to delayed or no refunds
- Belated filings does not allow the carry forward of losses or depreciation
- If the ITR is filed after the deadline, the assessee is not allowed to revise the return
- Assessee that miss the deadline cannot avail the benefits of filing ITR
- And lastly, any delay will attract penalties of INR 5,000 which may extend to INR 10,000 after December
Where the due date for ITR filing is extended, the entities will still be liabile to pay interest u/s 234A (Interest for defaults in furnishing return). Therefore, to avoid the interest liability the taxpayers are advised to assure on-time filing and not to wait for the last date. Like any other last days for filing, the portal may reluctant to co-operate due to heavy traffic. Therefore, instead of risking being compliant, one must take call on earliest.
With CA assisted ITR filing at LegalWiz.in, you stay assured for the accurate and on-time filings. Feel free to contact us on 1800-313-4151 or visit us here for filing ITR online.
Documents and Details required for Filing ITR:
- PAN Card of the Taxpayer and its directors or partners
- Aadhar Card of the directors or the partners of the business entities
- Bank Account Statement and cancelled cheque
- Financial Statement for the P.Y. 2017-18 (A.Y. 2018-19)
- Audit Report given by the independent auditor
- Details about the investments made or expenditure u/s 80
- Any other details as required for filing
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