Are there deadlines for filing tax returns?
Yes! And if you do not meet these deadlines you might have to pay interest or penalties or even face a tax inquiry.
The due date for filing your tax return is:
- July 31 for individuals whose accounts do not require a tax audit
- September 30 for persons and companies who need to be audited
What does a "tax audit" mean?
Tax audit results in an audit of accounts if the turnover of a business exceeds Rs. 40 lakhs or in case of specified professionals the professional receipts exceeds Rs. 10 lakhs. Salaried employees do not need to worry about tax audits.
The tax audit is done by Chartered Accountants.
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