Income Tax Return (ITR) Filing
Every Company / LLP registered on or before 31st March has to close its financial year as on 31st March of that year and has to file the returns with Income Tax Department. Non filing of Income Tax Return (ITR) in time will attract interest and penalties
A. Last date for filing ITR:
Category of Business | Last date for filing ITR |
Where accounts are not required to be audited under any law | 31st July |
Whereaccounts are subject to audit under any law) | 30th September |
If the annual turnover of Company or LLP is more than ₹1 Crore, the accounts have to be audited by a Chartered Accountant as required under Income Tax Act.
B. Penalties for Non Filing of Income Tax Return (ITR)
Non filing of Income Tax Return (ITR) in time will attract interest and penalties as follows:
1. Non Carry forward of Loss
Loss of the business for the respective financial year cannot be carried forwarded to the next year for setoff against Profits of future year.
2. Interest under Section 234A of Income Tax Act, 1961
Default in filing the Income Tax Return will attract Interest. If there is any unpaid taxes, a penal interest @ 1% per month will be applicable till the date of payment of taxes.
3. Penalty for non-filing of ITR
Default in filing the Income Tax Return will attract penalty as follows.
Taxable Income of Business | Penalty |
a. Income not exceeding ₹5 Lakhs (If ITR filed after the duet date but before March 31 of next year) | ₹1000.00 |
b. Income exceeding ₹5 Lakhs: (if ITR filed on or before December 31) | ₹5,000.00 |
c. Income exceeding ₹5 Lakhs (If ITR is filed after December 31 but before March 31 of next year) | ₹10,000.00 |
Notes:
1. Above penalty will be applicable even if there is no taxable income for the financial year.
2. ITR Filing will not be possible after March 31 of next year.
LLP Annual Filing 2019 - 2020
Every LLP registered on or before 30th September 2019 has to file Annual Return (Form 11), Statement of Accounts (Form 8) and Income Tax Returns for the year ended 31st March 2020. Every LLP registered between 1st October 2019 to 31st March 2020 has to file Income Tax Returns for the year ended 31st March 2020. Also, all the designated partners of every LLP registered on or before 31st March 2020 has to file DIN KYC or the year 2019-2020.
LLP Annual Filing 2019 - 2020
Every LLP has to file Form 11, Form 8, DIN KYC and Income Tax Returns and DIN KYC for the year ended 31st March 2020.