Individuals, NRIs, partnership firms, LLPs, corporations, and trusts must file income tax returns every year. Individuals and NRIs are required to file income tax returns if their annual income exceeds Rs.2.5 lakhs. Regardless of the amount of income or loss, sole proprietorships and partnerships must file an income tax return. Regardless of turnover or profit, all corporations and LLPs must file an income tax return. mybusinessfilings offers income tax efiling services with dedicated Tax Expert support. Upload your Form-16, then sit back and relax. Within 1 - 2 business days, our experts will file your income tax return and send you an acknowledgement.
At Redback, we are continuously available to help you understand how to register a Income Tax Filing.
Penalty for Late Filing Income Tax Return
Taxpayers who fail to file their income tax returns on time face a penalty and interest on the late payment of income tax. In addition, the penalty for failing to file an income tax return on time has recently been increased. The penalty for failing to file an income tax return on time is now as follows:
Income Tax Return Due Date
Individual taxpayers have until July 31st of each year to file their income tax returns. The deadline for filing income tax returns for businesses and individuals subject to tax audit is September 30th. Section 44AD of the Income Tax Act deals with income tax audits.
In case of a business, tax audit would be required if the total sales turnover or gross receipts in the business exceeds Rs.1 crore in any previous year.
In case of a profession or professional, tax audit would be required if gross receipts in the profession exceeds Rs.50 lakhs in any of the previous year.
Presumptive Taxation Scheme
If a person is enrolled under the presumptive taxation scheme under section 44AD? and total sales or turnover is more than Rs. 2 crores, then tax audit would be required.
Need Our Help?
Redback offers a wide range of financial products and services to individuals and business owners. By seeking our sound financial information, we believe you will be better able to identify your goals and make sound decisions, to help you reach these goals.