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Business Tax Returns Filing

Latest Updates Regarding The Deadlines

Recent Updates on Deadlines:
On 9th September 2021, the CBDT published a circular extending the deadlines for certain direct tax
compliances for the Assessment year 2021-22.

1. Extension of the due date for filing income tax returns:
i. The deadline for filing income tax returns by taxpayers who are not subject to audit has been
extended from 30th September 2021 to 31st December 2021.
ii. The deadline for filing income tax returns in tax audit cases has been extended to 15th February 2022.
iii. Income tax return filing for transfer pricing is extended till 28th February, 2022.
iv. The deadline for Income tax return filing of Belated or Revised Return for FY 20-21 has been
extended from 31st December 2021 to 31st March 2022.
2. Furnishing Audit Report:
i. The deadline for submitting the audit report has been extended to 15th January 2022.
ii. The deadline for submitting an audit report in transfer pricing cases has been extended to 31st
January 2022.

Online Business Tax Return Filing In India
A business tax return is a statement filed by the businesses to declare their income & losses in front of the
tax department. It also contains details about the assets & liabilities held by the business. Items such as fixed
assets, current assets, debtors, creditors, accounts receivable, accounts payable, long term debt etc., are

What Is Included In Our Package?

Eligibility Consultation
Document Preparation
Application Drafting
Government Fees

Business Tax Returns Filing

Who Has To File A Business Tax Return?

The Business return should be filed within time by the following persons –
In case you are a self-proprietor, and you furnish your business income & other personal income
such as income from house property, interest income in the same return.

1 If your total income before deduction exceeds the basic taxable limit, i.e. Rs.2.5 lakhs. You are
required to mandatory file your business tax return irrespective of profit or loss in the business.

2 Companies, firms & LLP have to mandatory file business tax returns even if there are no
operations undertaken. Companies, firms & LLP’s are taxed at a rate of 30%.

Income Tax Audit

Every business taxpayer has to appoint a chartered accountant to audit their accounts. It is mandatory for
every taxpayer to get their income tax audit done if his or her turnover is above Rs.1 crore in case of
business & Rs.50 Lakh in case of professionals.

A tax audit is needed in other cases too –

If the profit you declare is less than 8% (6% in the case of digital transactions) of the business's turnover
or 50% of receipts in the case of professionals.

If your business suffers a loss and you want to carry it forward.

Due Date For Filing Business Tax Return

For the individuals who are not subject to a tax audit, the last date for tax return ling for FY 2020-21 is
31 December 2021, after the end of the nancial year. However, you can le a revised/belated return
with penalties up to 31 March 2022.

For the individuals who are subject to tax audit and all other taxpayers such as company, partnership
firm or LLP, the last date for tax ling is 15 January 2022

The Penalty is imposed by the tax department if you will miss or do not le the tax returns before the
deadline. If you file the tax returns after the due date, you cannot carry forward any loss incurred during
the year. In addition to it, you will also face a ne of Rs.5000 under section 271F.

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