The last date to file income tax returns for business in India for the financial year 2017-18 has been extended to October 31, 2018. Previously, the last date for filing IT returns was pegged on October 15, 2018.
The deadline extension comes after several stakeholders approached The Central Board of Direct Taxes (CBDT) to give them more time for the audits.
As of this year, all businesses have to provide their GST details in their IT returns filings. Initially, there was a huge disconnect between the GST filings and the financial statements provided by businesses.
Now businesses must give a comprehensive breakup of the expenses incurred. This has been introduced to decrease the number of IT revisions and corrections.
Filing IT Returns for your Business
Here, is a table that can help you understand the forms you filings:
| What to show? | Where to show? | Additional Information |
| Declare IT returns | Form 6 | Except for those earning income from property held for charitable purposes. They must file under ITR-7 |
| GSTIN, Turnover/ gross receipt as per GST | ITR-4 | This applies only to businesses who are GST registered. |
| CGST, SGST, IGST paid on sales/ purchases and other expenses | Profit & Loss account | This applies for all businesses filing under ITR-3, ITR-5, and ITR-6 |
| Amount of Income Tax Credit remaining unclaimed as of 31st March. | ‘Schedule OI’ (Other Information) | This applies for all businesses filing under ITR-3, ITR-5, and ITR-6 |
The filings apply to all businesses, irrespective of whether they have their books audited under Section 44AB or not. GST reporting under form 3CD was relaxed until 31st, March 2019.
As this is the first year of filing after the GST implementation, it was an opportunity for businesses to gain a better understanding of the workings of the GST system.
Important Dates:
- GST return filing for the month of September 2018 – 20th October 2018.
- Reconciliation for the FY 2017-18 for GST returns and books of accounts – 31st October 2018.
Still having trouble understanding GST? Take a look at this video series that explain GST under 2 minutes. If you are a seller on Instamojo, LegalRaasta – our official GST partner – can help you take care of all your GST woes.
Disclaimer: Information in this article is intended only to provide a general overview and is not intended to be treated as legal advice. Please consult a tax expert to get a better understanding of the GST Laws.
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3 comments
Thanks for sharing this information regarding the Income Tax Return Filing. Appreciate your work.
Electronic filing is the process of submitting tax returns over the Internet using tax preparation software that has been pre-approved by the relevant tax authority, such as the IRS or the Canada Revenue Agency. E-filing has manifold benefits which have made this system of tax preparation increasingly popular in recent years; the taxpayer can file a tax return from the comfort of his or her home, at any convenient time, once the tax agency begins accepting returns. There are numerous benefits in filing the income tax returns online such as accuracy, convenience, and time saving. Thanks for the great article.
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