FILING OF INDIAN INCOME TAX RETURN FOR BUSINESSES BY OCTOBER 31
➡️ Who is required to file Income Tax Return by October 31?
1️⃣ All companies
2️⃣ All Partnership firms required to audit their books of accounts and their partners
3️⃣ All other firms required to audit their books of accounts.
➡️ Is it mandatory to file Income Tax Return ?
It is mandatory to file Income Tax Return if:
1️⃣ The Income exceeds Rs. 2.5 lakhs during the year (before giving effect of deductions under Chapter VI-A and certain capital gains exemptions)
2️⃣ Following categories of persons irrespective of the income:
▪️ If you have assets outside India or
▪️ Deposited an amount exceeding Rs.1 crore in current account/s by any mode during the year or
▪️ The deposit in one or more savings bank account of the person, in aggregate, is rupees fifty lakh or more during the previous year or
▪️ If his total sales, turnover or gross receipts, as the case may be, in the business exceeds sixty lakh rupees during the financial year; or
▪️ If his total gross receipts in profession exceeds ten lakh rupees during the financial year; or
▪️ If the aggregate of tax deducted at source and tax collected at source during the financial year, in the case of the person, is twenty-five thousand rupees or more; or
▪️ Incurred electricity expenditure in aggregate exceeding Rs.1 lakh or
▪️ Incurred an expenditure exceeding Rs. 2 lakh on travel out of India from bank account/s for himself or any other person.
3️⃣ Any taxable capital gain is realized during the year (Irrespective of basic tax slab exemption i.e. 2.5L).
4️⃣ In case of any Partnership firms or companies.
In other cases, it is not mandatory to file an Income Tax Return. However, one may choose to voluntarily file it because of several advantages.
➡️ What are the advantages of voluntarily filing Income Tax Return?
▪️ Claiming refund of any taxes which have been withheld (TDS deducted).
▪️ Carry forward losses for claiming set-off against future year incomes.
Contact us at the earliest to file your Income Tax Returns and become a compliant and proud Indian.
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