Salaried individuals and Small Business Traders (31st July 2019)
Dear tax payers the deadline to file your IT return for assessment year 2019-20 is 31st july 2019 for following categories.
- Salaried individuals not having business income whose books of accounts are required to be audited.
- Professionals whose gross receipts is upto Rs.50 Lakhs
- Body of individuals(BOI),Hindu Undivided Family(HUF),Association of Persons(AOP)
- Person having a small business or home based business whose turnover doesn’t exceed Rs.1 Crore.
- Individual firms and Partnership firms opting for Presumptive Tax Filing.
Partnership Firms/Proprietorship firms with compulsory Audit & Corporate Companies(30th Sep 2019)
Other than salaried employees and small traders, the deadline for filing of IT return for following categories is 30th September 2019.
- Partnership firms whose books of accounts are required to be audited.
- Individuals who are partners in the partnership firm whose books of accounts are required to be audited.
- Sole Proprietorship Firms whose Turnover exceed the prescribed limit of Rs.1 Crore.
- Professionals whose gross receipts Exceed Rs.50 Lakhs
Important Points for Tax payers.
- For individuals its mandatory to link PAN with Aadhar in IT Department website.Without linking pan with aadhar the returns can not be filed.Kindly check with IT Portal and make sure aadhar is linked with PAN.
- Kindly Follow up with your employer/Customers in case of any TDS been deducted for the services you have rendered and collect the TDS Certificates to avoid last minute rush.
- Kindly check all the expenses which attract TDS(for example Rent,Salary,Transport,Commission,Interest) .If so then Make sure TDS is deducted on the same expenses.
- It is advised to all the tax payers to get their books of accounts audited whose turnover exceeds the audit limit.Whoever have not prepared the books of accounts are advised to summarize the sales,Purchases,Debtors,Creditors,Bank,Income & Expenses and prepare the financials and produce to their CAs to proceed for Audit & IT Filing.
Consequences for non-Compliance
- Non filing of ITR before the above mentioned due date will attract late filing penalty from Rs.5000 to Rs.10,000.
- A taxpayer who is required to get his books of accounts audited but fails to do so,the least of following may be charged as penalty.
- — Penalty of Rs.1,50,000 or
- — 0.5% of the total turnover or gross receipts
We at Financial Consulting Services having expertise and experienced CAs and tax consultants will help you completing the Audit,Tax filing and compliance.Kindly contact us for following services during this Audit & IT filing season.
- Preparing Books of accounts for people who have not yet prepared their books of accounts.
- Linking PAN with aadhar for people whose aadhar is yet to be linked with pan
- Filing of TDS for entities who failed to deduct TDS on their Expenses.
- Audit of books of accounts
- Digital Signature
- Filing of IT Returns