Income Tax Return Filing Due Date for 2018-19 (Last Date)

What is Income Tax?

The income tax department has released notices about the extension of the latest income tax return filing  date from July 31 to August 31 for individual taxpayers. There are two types of levy taxes, namely the second direct tax is indirect tax. Income tax is a direct tax that can be directly attributed to income from the assessed party. Income generated from various income heads is. Balance, Home property, Business, Capital and Income Profits from other sources. The Valuer must pay income tax if the total income is after allowing Chapter VI-A to deduct more than the limit of taxable income.

Archive Income Tax Income Tax Notification for 2017-18 TA (AY 2018-19)

There are different categories of taxpayers, namely. Individuals, HUF, Companies, LLP, Companies, Trusts and AOP/BOI. The Due Date differs according to the audit or non-audit case of the category as defined in article 139 (1)

Last Date of Income Tax Returns for AY 2018-19 (Non-Audit Case)

  • The due date for submission of Income Tax Returns by Assess whose Account Books are not required to be audited is August 31, 2018.

Note:

  • The deadline is extended for AY 2018-19 for certain categories.
  • Maturity Date has been extended in Kerala as a tweet by the finance ministry “Reserves caused by severe flooding in Kerala, CBDT encourages Due Date to provide Income Tax Returns from 31 August 2018 to 15 September 2018 for all income tax assessors in Kerala, which is responsible for submitting their IT Returns before August 31 2018. “

Archive Tax Income Tax Return Date for AY 2018-19 (Audit Case)

The deadline for filing income tax returns by Assesse is 30 September 2018.

  • Company
  • A person (other than a company) whose account must be audited based on this law or based on other laws currently in effect, or
  • Working partners of companies whose accounts must be audited under this law or under any law currently apply

Last Date of Return on Income Tax Returns for AY 2018-19

(The appraiser who is asked to give a report under 92E seconds)

  • The due date for the submission of Income Tax Returns by Assess requested to submit a report below 92E seconds is 30 November 2018.

Advanced Income Income Tax Submission Deadline TA 2018-19

If the tax liability is more than Rs 10,000 in one financial year, the tax in advance must be paid by the appraiser.

June 15 (15%) | September 15 (45%) | December 15 (75%) | March 15 (100%)

Assessors covered in section 44AD, are also required to pay taxes in advance or before the 15th of March of the previous year.

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Income Tax Audit u/s Section 44AB

According to Section 44AB of the Income Tax Audit Act, a tax investigation is mandatory in the following cases:

  • Anyone who is in Business and has a turnover of more than Rs. 1 Crore.
  • Those who are doing a Profession and gross receipts exceed Rs 50 Lakh (ie, A.J. 2018-19).
  • The person who has chosen the proposed taxation system under Section 44AD, but claims that the profits of such companies are lower than the estimated profit calculated under the scheme. According to Section 44AD, the profit is 8% of the total turnover or gross income.
  • A person who has opted for the presumptive taxation scheme under Section 44ADA but claims that the profits of such Profession are lower than the deemed profits computed according to the scheme. According to the Section 44ADA, the deemed profits are 50% of total turnover or gross receipts of Profession.
  • Anyone who has chosen the proposed taxation system under Section 44, claims that the profits of such companies are lower than the estimated profit calculated under the scheme. According to Section 44AE, the profit is 8% of the total turnover or gross income.

Turnover for Income Tax Audit is the Gross Receipts of the business or profession, but does not include:

  • Income received from rent on the house or other rental income.
  • All money is received by selling an asset held as an investment.
  • The receipt of the sale of real estate.
  • Income which is received by way of Interest.

It may be noted that if a person is required to have his books revised pursuant to other laws, he is entitled to get his books revised according to the law before the specified date and handed over that date of the tax assessment under other Acts and further auditor’s report He is not obliged to receive tax research carried out under Section 44AB.

Income Tax Audit Report

The report of the audit under income tax shall be submitted to:

  • Form 3CA – If the books of a person’s business or profession have been audited under other laws.
  • Form 3CB – If the books of business or occupations of a person have not been audited under other laws.
  • Form 3CD – These forms must be listed in both of the above cases. That is the statement of information to be delivered under Section 44AB.

The date for filing report of Income Tax Audit

The review under income tax shall be made by the auditor’s conciliation and the report shall be submitted by 30 September of the relevant year of assessment.

Penalty

If a person fails to comply with the Income Tax Audit (Section 44AB), punishment is 0.5% of total turnover or Rs. 1,50,000, whichever is less. However, if you have a reasonable reason for not reporting a Revenue Tax, you can not make such a penalty.

Conclusion

For help with ITR Indexing, please Consult Certicom Consultant taxpayer. You can register ITR yourself through our ITR software or get help CA on the application. You can also use the backup option, amount of return or revised file.

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Goods and Service Tax (GST)

Goods and Service Tax (GST) is a comprehensive indirect tax levied on the sale of goods or services in India. This law was introduced in 2017, which falls under previous laws such as excise taxes, service taxes and VAT, etc.

We Certicom Consulting, are providing various services under GST Consultants  law. Some of them are –

  • Registration, modification or amendment under the GST Act
  • Filing GST returns such as 3B, 1, etc.
  • To get a business order (LUT) for export of a service or product
  • Revision according to GST law
  • Attend to notices issued under GST law
  • Consultation and advice on GST issues
  • Assistance to receive GST refunds

We have worked with clients from different industries such as IT (IT), ITES, manufacturing, clothing, pharmaceuticals, eCommerce, cars, real estate, etc. We also offer a comprehensive service at the start of business, If you need this service, we are happy to assist you.

Please write to [email protected] or Free Consultation: +91-98800 52923