Here’s a good news for Non-Audit case taxpayers who haven’t filed their Income Tax Return till now.
The Ministry of Finance, has announced the extension of the due date for filing the ITR (Income Tax return) from 31st July 2018 to 31st August.
If you belong to the category of taxpayers who are required to file the return before July 31st (includes Non-Audit case only) this may be a great relief for you. Whereas, 30th September in case of the audit remains the same. It is always better to treat this as a LAST CHANCE to file taxes on time to avoid the heavy penalty as this extension may not be further extended.
Not knowing which ITR to file? Take a look at this:
The persons having income from following sources are eligible to file ITR 3 :
- Proprietary business or profession
- Additionally, the return may include income from House property, Salary/Pension and Income from other sources
File this ITR if you’ve opted for the presumptive income scheme as per Section 44AD, Sec 44ADA and Section 44AE of the Income Tax Act. However, if the turnover of your business exceeds Rs 2 crores, then you will have to file ITR-3.
ITR 5 is for firms, LLPs (Limited Liability Partnership), AOPs (Association of Persons) and BOIs (Body of Individuals)
ITR-6 (This return has to be filed electronically only)
Companies other than companies claiming exemption under section 11 (Income from property held for charitable or religious purposes).
You need to file this ITR if you belong to any of the below:
- Scientific research association.
- News agency.
- Association or institution referred to in section 10(23A).
- Institution referred to in section 10(23B).
- Fund or institution or other educational institution or any hospital or other medical institution.
- If your income is derived from property held under trust or other legal obligation for charitable or religious purposes or in part only for such purposes.
Depending on the type of your business, a particular type of ITR form should be used from the forms mentioned earlier.
Documents required to file ITR:
- Profit and loss account and Balance sheet
- Books of accounts (if applicable)
- Bank statements
- Sales register or details of all sales during the year
- Purchase register or details of all purchases (including capital asset) during the year
- TDS certificate/Form 16A (if available)
- VAT Return/Service Tax Return
- Registration certificate
- Expense details relating to business
- Details of income other than business income (capital gain, salary, rent, interest, etc.)
- Tax saving investments proofs
- For accuracy and instant access, it is always recommended to maintain business data using business accounting software. If you don’t have one, start using Vyapar, the best GST-compatible accounting software for Indian Businesses – DOWNLOAD the Free Trial NOW.
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