{"id":8226,"date":"2018-10-15T17:26:12","date_gmt":"2018-10-15T11:56:12","guid":{"rendered":"https:\/\/www.instamojo.com\/blog\/?p=8226"},"modified":"2021-06-20T02:43:11","modified_gmt":"2021-06-19T21:13:11","slug":"last-day-file-it-returns-businesses","status":"publish","type":"post","link":"https:\/\/www.instamojo.com\/blog\/last-day-file-it-returns-businesses\/","title":{"rendered":"Last Date for Income Tax Return Filing for Businesses Extended"},"content":{"rendered":"

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.<\/p>\n

The deadline extension comes after several stakeholders approached The Central Board of Direct Taxes (CBDT) to give them more time for the audits.<\/p>\n

As of this year, all businesses have to provide their GST details<\/span><\/a> in their IT returns\u00a0filings<\/a>.<\/span> Initially, there was a huge disconnect between the GST filings and the financial statements provided by businesses.<\/p>\n

Now businesses must give a comprehensive breakup of the expenses incurred. This has been introduced to decrease the number of IT revisions and corrections<\/a><\/span>.<\/p>\n

Filing IT Returns for your Business<\/h2>\n

Here, is a table that can help you understand the forms you\u00a0 \u00a0filings:<\/p>\n\n<\/colgroup>\n\n\n\n\n\n\n
What to show?<\/strong><\/td>\nWhere to show?<\/strong><\/td>\nAdditional Information<\/strong><\/td>\n<\/tr>\n
\u00a0Declare IT returns<\/td>\nForm 6<\/td>\nExcept for those earning income from property held for charitable purposes. They must file under ITR-7<\/td>\n<\/tr>\n
GSTIN, Turnover\/ gross receipt as per GST<\/td>\nITR-4<\/td>\nThis applies only to businesses who are GST registered.<\/td>\n<\/tr>\n
CGST, SGST, IGST paid on sales\/ purchases and other expenses<\/td>\nProfit & Loss account<\/td>\nThis applies for all businesses filing under ITR-3, ITR-5, and ITR-6<\/td>\n<\/tr>\n
Amount of Income Tax Credit remaining unclaimed as of 31st March.<\/td>\n‘Schedule OI’ (Other Information)<\/td>\nThis applies for all businesses filing under ITR-3, ITR-5, and ITR-6<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

The filings apply to all businesses, irrespective of whether they have their books audited under Section 44AB<\/span><\/a> or not. GST reporting under form 3CD<\/span><\/a> was relaxed until 31st, March 2019.<\/p>\n

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.<\/p>\n

Important Dates:<\/h2>\n