Income tax due date

Taxation
1

@TAXIQ.IN
@siva

Pl Advise

I want to carry forward losses from FY 17-18
My income is above 2.5L

  1. I require an audit, correct?
  2. my due date for filing is 30 Sep - 2018, right?
2

[quote=“Som_E, post:1, topic:43064”]

  • I require an audit, correct?
    Yes.

  • my due date for filing is 30 Sep - 2018, right?
    I think it is 31st july. Can check once.

3

The Due date for TAX Audit is 30th September.

4

Thank you…

I asked because I read online that the date for business with audit is 30 sept

Just wanted to confirm.

Thanks @siva @TAXIQ.IN

5

f.y. 20.21
a.y. 21.22

i filed the returns in December 2021 . also received the tds refund in feb 2022 .
but . i forgot to file and declare the loss in the share market “business head” .
the taxable income is zero . turnover is less than 1 crore . all transactions are 100% online bank .

what can i do now ?
can i file the revised RECTIFICATION return ?
can i declare the loss in the next year ?

@Quicko
@TAXIQ.IN

6

The date for revising your return is over. You need to raise a request for condonation from income tax website (Services - Condonation Request) (I have not raised condonation request online so I don’t know how its processed. You can visit Income Tax office and get in touch with a designated officer who can issue it. It’s a long shot but it may work)

After you get condonation

Big No. You may be issued income tax notices if you do something like this. Whatever it is I suggest you to deal with it in the same year.

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7

31st March 2022 was the last date to file Belated Return u/s 139(4) or Revised Return u/s 139(5) for FY 2020-21 (AY 2021-22). Thus, you cannot file the Revised ITR now since the due date has already passed. Further, this loss cannot be reported in the ITR of any other year. There are high chances of receiving a tax notice in that case.

There is an option to file a condonation request for filing ITR after due date. If the reason is genuine and the Assessing Officer permits, you may file a revised return.

You can refer to the steps to file condonation request here - File Condonation Request

1 Like