Every person who has taxable income in India during financial year has to file return of income in prescribed form within prescribed due date. The financial year is from 1st April to 31st March.
Due dates for filing income tax returns for FY 2020-21 are as follows:
Tax Audit Applicability:
| Particulars | Criteria |
| Business | Sales / Turnover or Gross Receipt exceeds INR. 1 Crore (INR. 10 crores if the cash receipts and payments do not exceed 5% of the total receipts and payments respectively) |
| Profession | Gross Receipts Exceeds INR 50 Lacs |
| Businesses covered under presumptive taxation u/s 44AD | If the Sales/Turnover or Gross Receipt is less than INR 2 Crore if such person is enrolled under the presumptive taxation scheme who claims that the profits of the business are lower than the profits calculated in accordance with the presumptive taxation scheme (presently this threshold limit is 8% profit on the sales / turnover or gross receipts) would be required to obtain a tax audit report. |
| Professions covered under presumptive taxation u/s 44ADA | Declaring the income at amount less than 50% of the gross receipts and whose income exceeds the basic exemption limit (which is Indian Rs 2.50 lacs at present) for relevant previous year but whose gross receipts are less than INR. 50 lacs. |