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Due date for filing tax returns for Businesses extended from 30th September to 17th October

by  AMA Team on September 17, 2016  #income tax return #Extension of Due Date
Due Date for filing income tax returns for businesses that are required to get their accounts audited under the Income Tax is 30th September. 
CBDT has extended the due date of return filing (FY 15-16) from 30th September to 17th October for businesses that need to get their accounts audited. Due date of submitting Tax Audit Report for FY 2015-16 (AY 2016-17) is also 17th October 2016.
 
Penalties for non-filing returns and not getting an audit done –
1. Penalty for not filing your return– In case of non-filing of return and tax overdue, penal interest shall be charged under section 234A. Penal interest may be levied 234B and 234C if advance tax is not paid.
 
2. Businesses would not be allowed to carry forward losses – Business who file and submit the return on time are allowed to carry forward the losses to next year. The benefit to carry forward losses for set off in future years may not be allowed unless your return is filed timely.
 
3. Penalty for not getting an audit done–Under section 271B, a minimum penalty of 0.5% of the total sales, turnover or gross receipts and maximum of INR 150,000 can be charged in case you do not get your books of accounts audited. However, you may be exempted from such penalty in case you have a reasonable cause.