Who should file income tax return by 30th September?

A lot of taxpayers, including businesses & professionals, have already submitted their tax return by 31st July {which was extended to 5th August} [due date of e-filing for FY 2015-16, AY 2016-17].

But for some taxpayers the due date of return filing is 30th September. Let’s find out who these are.

Your return filing due date is 30th September if audit applies to you.

The income tax act says audit is applicable to you if

  • You run a business where your turnover exceeds Rs 1 crore
  • You run a profession where your turnover exceeds Rs 25lakhs
  • You have opted for presumptive income as per Section 44AD –
    • but income of the business is lower than the presumptive income calculated as per Section 44AD and
    • your total income is more than the minimum exempt income (Rs 2.5lakhs)


NOTE: This is applicable to you whether or not your business is formally incorporated. You may be running your business as an individual, or a company or in any other form.


Penalties for non-filing returns and not getting an audit done –

  • Penalty for not filing your return– If you do not file your return and have a tax due, penal interest shall be charged under section 234A. If you did not pay advance tax, penal interest may be levied 234B and 234C.
  • Not allowed to carry forward losses – Business losses are allowed to be carried forward when return has been submitted by the due date. You may not be able to carry forward losses for set off in future years unless your return is filed timely.
  • Penalty for not getting an audit done– If you do not get your books of accounts audited a penalty may be levied under section 271B. The minimum penalty that can be charged is 0.5% of the total sales, turnover or gross receipts, up to a maximum of Rs 1,50,000. However, if the tax payer has a reasonable cause for failure to get an audit done, such penalty may not be levied.


Are you a stock trader and need help with filing your tax return to meet 30th September due date? ClearTax can help you cleartax.in/s/trader

Are you any other business and need help – we have special plans for you cleartax.in/business


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