E file your ITR and Audit Report for AY 17-18 by 31st October,2017

E file your ITR and Audit Report for AY 17-18 by 31st October,2017

All the companies and other persons (including partners of the firm) whose accounts are required to be AUDITED should e file their income tax return on Income Tax e filing portalby 31st October,2017. Due date for e filing of AUDIT REPORT u/s 44AB & u/s 115JB is also31st October,2017. Disclosure of information in ITR regarding cash deposited in bank accounts during the demonetization period (i.e 9.11.16 to 31.12.16) aggregating to more than Rs. 2 lakhs is necessary.

Official Notification for Income Tax Return due date for A.Y. 2017-18

  If income tax return is not filed by the due date then

• One may become liable for interest, penalty and prosecution.
• Carry forward of any adjusted business losses/capital losses will not be allowed.

If auditreport u/s 44AB is not filed by the due date then

• Penalty upto Rs. 1.50 lakhs may be imposed.

  It is important to note that along with ITR and Audited accounts, the following returns are also to be filed by 31st October, 2017 :

• GSTR -2 for the month of July,2017
• TRAN -1 for the pre GST period
• TDS return for Quarter 2
• ROC Annual filing
• ESIC half yearly Return