Dedline of ITR for Traders & Stores
The dedline of ITR for (income tax return) Traders & Stores is July 31st of the assessment year that follows the financial year.
For instance, if you’re filing for the financial year 2022-23, the due date is July 31, 2023.
Yet, there are situations where the ITR due date may diverge. If your total income surpasses Rs. 50 lakhs, an audit by a chartered accountant becomes necessary. In this scenario, the ITR filing due date shifts to September 30.
While late filing is an option, it incurs penalties. For the initial month of delay, the penalty is Rs. 500, followed by Rs. 100 for each subsequent day.
Adhering to the deadline is crucial to avoid penalties and to ensure you capitalize on all eligible deductions and exemptions.
Here’s the ITR filing process for Traders & Stores:
- Visit the Income Tax Department website and access the “E-filing” section.
- Click on “File Income Tax Return.”
- Pick the relevant ITR form.
- Input your particulars, along with income and expense details.
- Attach necessary documents.
- Review and verify your ITR before filing.
To visit: https://www.mca.gov.in/
For further details access our website: https://vibrantfinserv.com