Duedate Archives

Important Update- Due date for Income Tax Return Filing has been extended The due date for filing Income tax Returns by taxpayers, Including their partners (who are required to get their accounts audited) for FY 2019-20 has been extended to 31st January, 2021 from October 31, 2020. The due date for filing Income tax Returns by other taxpayers (who does not require to get their accounts audited) for FY 2019-20 has been extended to December 31st, 2020 from November 30, 2020. The due date for filing Income Tax Returns for the taxpayers required to furnish report in respect of internaational transactions has been extended to January 31, 2021 from November, 2020. Also, the due date for furnishing Tax Audit Report and report in respect of international/specified domestic transaction for the FY 2019-20 has also been extended to 31st December, 2020. Important Update 1: The due date of Income Tax Return Filing (IT Returns) for FY 2018-19 has further been extended from 3oth September, 2020 to 30th November, 2020. Also, the Due date for Income Tax Return Filing for FY 2019-20 is also 30th November, 2020 for each category of taxpayers Here are some frequently asked questions on ITR filing this year! 1. I have received salary income and interest on FDRs? Should I file my ITR? --> Yes, you must file your ITR on or before 31st July 2018, if your total income exceeds Rs. 2.50 Lakh in year 2017-18. Know more about Tax Slabs for FY 2017-18 here. 2. I have a business, but I am not under audit. Should I still file my Income Tax Return? --> Yes, if you are not under audit, you should file your ITR before this date. If you are covered under audit, your due date of filing is 30th September 2018. 3. I am a director of a private limited company, which is covered under tax audit. As director, when should I file my return? --> Well, if you draw salary from private limited company as a director, you must file return before 31st July. However, due date of company return filing is 30th September 2018. 4. I am a designated partner in an LLP. I have not drawn any remuneration from LLP. Whether I am under any obligation to file an ITR? --> If your total income does not exceed Rs. 2.50 Lakh in FY 2017-18, you need not file your ITR. However, it is in your interest that you should still file your ITR, which has many benefits such as easy bank loans, valid proof of income, faster visa processing etc. 5. What if I file my ITR after the due date? --> Among other consequences, below are major ones – Pay Late fees - You will be liable for a compulsory late fees. Visit here to understand how much amount you should pay as late fees. No losses carry forward - You cannot carry forward losses, if any, to the next year. This results in higher tax in subsequent year. Late refunds – If you are eligible for refunds, your refunds may be released late than usual. No Revision of Return – Return filed late, cannot be revised then. 6. As a salaried individual, what documents do you need to file my ITR? --> We need scan copies of PAN, Aadhar, email ID, contact number and form 16. If you don’t have form 16, you need not worry. You can share the amount of salary you have received and the same will be appropriately disclosed in your Income tax return. 7. Do I need to submit any original documents to you for filing? --> No, you only need to provide us scan copies. You may retain your original documents with you. 8. How can I reach you to file my ITR? --> You can call us on 9643203209 or email on info@ebizfiling.com and our compliance manager will get in touch with you to smoothly file your ITR. 9. What are your charges for ITR Filing? --> Well, if you only have salary income, your return will be filed for INR 599/- only!!! Yes, you got it right! You can buy this plan here. If you are a businessman, and not covered under audit, you should buy a plan of Rs. 1499/- here.

Duedate

Compulsory Late filing fees on Income Tax Returns-Read to understand if this applies to you

Extension of Due date of INC 22A ACTIVE

MCA Extends Due date of DIR-3KYC from 31/08/2018 to 15/09/2018

CBDT Extends Due date of ITR Filing from 31/07/2018 to 31/08/2018