{"id":13750,"date":"2023-08-22T10:07:02","date_gmt":"2023-08-22T10:07:02","guid":{"rendered":"https:\/\/vibrantfinserv.com\/kb\/?p=13750"},"modified":"2024-05-18T11:24:30","modified_gmt":"2024-05-18T11:24:30","slug":"dedline-of-itr-for-traders-stores","status":"publish","type":"post","link":"https:\/\/vibrantfinserv.com\/kb\/dedline-of-itr-for-traders-stores\/","title":{"rendered":"What is the due date of ITR for Traders & Stores?"},"content":{"rendered":"

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Dedline of ITR for Traders & Stores<\/h2>\n

\"Dedline<\/p>\n

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The dedline of\u00a0 ITR for (income tax return) Traders & Stores is July 31st of the assessment year that follows the financial year. <\/span><\/p>\n

For instance, if you’re filing for the financial year 2022-23, the due date is July 31, 2023.<\/span><\/p>\n

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.<\/p>\n

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.<\/p>\n

Adhering to the deadline is crucial to avoid penalties and to ensure you capitalize on all eligible deductions and exemptions.<\/p>\n

Here’s the ITR filing process for Traders & Stores:<\/strong><\/p>\n