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Guide to Depreciation on Fixed Assets and Deferred Tax Calculation

Depreciation is an accounting method of allocating the cost of a tangible asset over its useful life. In this tutorial, we’ll explore how to calculate depreciation under the Companies Act and the Income Tax Act. We’ll also discuss the procedure for calculating deferred tax related to fixed assets.

Depreciation Under Companies Act

The depreciation under the Companies Act is calculated based on the useful life of the assets, as stated in Schedule II of the Companies Act, 2013.

Here’s a simplified step-by-step process:

  1. Identify the Asset: Determine the fixed asset that you will depreciate.
  2. Determine the Cost: Ascertain the historical cost of the asset, including purchase price, import duties, transportation, and installation.
  3. Assess the Useful Life: Refer to Schedule II for the prescribed useful life of the asset class.
  4. Select the Method: Choose a depreciation method (Straight line method or Written down value method) as per your company policy.
  5. Calculate Depreciation: Apply the method to the cost of the asset over its useful life.

Example Table of Rates and Useful Life as per Companies Act:

Asset TypeUseful Life (Years)Depreciation Rate (SLM)Depreciation Rate (WDV)
Buildings303.34%5.28%
Furniture109.50%18.10%
Machinery156.33%13.91%
Computers331.67%63.16%

Note: SLM stands for Straight Line Method, and WDV stands for Written Down Value Method.

Depreciation Under Income Tax Act

The Income Tax Act allows businesses to claim depreciation on their assets to reduce their taxable income using the Written Down Value (WDV) method.

Steps for calculation under Income Tax Act:

  1. Categorize the Asset: Identify the block of asset as per Income Tax rules.
  2. Determine the WDV: Find out the Written Down Value at the beginning of the year.
  3. Apply the Rates: Use the rates provided by the Income Tax Act for different asset types.
  4. Compute Depreciation: Calculate the depreciation for the year based on the applicable rate.

Example Table of Rates as per Income Tax Act:

Asset BlockDepreciation Rate
Building10%
Furniture and Fittings10%
Machinery and Plant (General)15%
Computers and Software40%

Calculating Deferred Tax

Deferred tax is calculated on temporary differences between the book value of assets as per accounting records and their value for tax purposes.

Here’s how to calculate deferred tax:

  1. Identify Temporary Differences: Determine the temporary differences that arise due to differences in depreciation methods or rates as per accounting standards and tax laws.
  2. Calculate Timing Differences: Assess the timing difference for the period by subtracting the tax base of the asset from its carrying amount.
  3. Apply the Tax Rate: Apply the current tax rate to the timing difference to find the deferred tax.
  4. Deferred Tax Asset or Liability: If the carrying amount is greater than the tax base, it results in a deferred tax asset. Conversely, if the tax base is greater, it leads to a deferred tax liability.

Example Calculation:

ParticularsCarrying AmountTax BaseTemporary DifferenceTax RateDeferred Tax
Machinery (as per books)100,00080,00020,00030%6,000

In this example, a deferred tax liability of Rs. 6,000 will be recognized on the balance sheet because the carrying amount is more than the tax base.

Remember that rules and rates are subject to change, and different types of assets may have specific requirements. It’s important to refer to the latest schedules and rates provided under the Companies Act and Income Tax Act respectively, and to consult with a tax professional for accurate depreciation and deferred tax calculations.

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Income Tax Return of LLP (ITR Filing for LLP)

ITR Filing for LLP

In this article, we will discuss the main requirements for ITR Filing for LLP in India, A limited liability partnership (LLP) is a business entity that is neither a company nor a partnership. It is a hybrid entity that combines the advantages of both forms of business. LLPs are registered under the Limited Liability Partnership Act, of 2008.

Like companies, LLPs are legal entities that are separate from their members. This means that the members of an LLP are not personally liable for the debts and liabilities of the LLP. However, like partnerships, LLPs are taxed as pass-through entities. This means that the income of the LLP is taxed in the hands of its members.

ITR Filing for LLPs

LLPs are required to file income tax returns (ITRs) in India. The ITR filing process for LLPs is similar to the ITR filing process for individuals and companies. However, there are some specific requirements that LLPs must meet when filing their ITRs.

Who Must File an ITR?

All LLPs that have income from business or profession are required to file an ITR. LLPs that do not have any income from business or profession are not required to file an ITR.

What Form Should Be Used for ITR Filing of LLP?

LLPs must use ITR Form 5 to file their income tax returns. ITR Form 5 is a simplified form that is designed for use by small businesses and professionals.

What Information Must Be Provided for ITR Filing of LLP?

LLPs must provide the following information when filing their ITRs:

  • The LLP’s name and registration number
  • The LLP’s PAN number
  • The name and address of the LLP’s principal place of business
  • The names and addresses of the LLP’s partners
  • The LLP’s income from business or profession
  • The LLP’s expenses
  • The LLP’s net profit or loss

When Must the ITR Be Filed?

The due date for filing an ITR for LLPs is the 31st of July of the assessment year. However, LLPs that are required to get their accounts audited are required to file their ITRs by the 30th of September of the assessment year.

How Can an ITR Be Filed?

LLPs can file their ITRs online or by mail. To file an ITR online, LLPs must create an account on the Income Tax Department’s website. To file an ITR by mail, LLPs must download and print the ITR form and mail it to the Income Tax Department.

Penalty for Late Filing

LLPs that file their ITRs late are liable to pay a penalty. The amount of the penalty depends on the length of the delay.

Conclusion

The ITR filing process for LLPs is relatively simple. However, it is important to file the ITR on time to avoid penalties. If you have any questions about ITR filing for LLPs, you should consult with a tax advisor.

Here are some additional tips for filing an ITR for an LLP:

  • Make sure you have all of the required information before you start filing.
  • Double-check your work before you submit your return.
  • Keep a copy of your return for your records.

Basic Information Required to start the ITR filing for LLP, Fill the below form

  • Name of the LLP
  • PAN of the LLP
  • Date of incorporation of the LLP
  • The financial year for which you are filing the ITR
  • The total turnover of the LLP for the financial year
  • Whether the LLP is required to get its accounts audited
  • If yes, the name of the auditor and the date of the audit report
  • Name and contact details of the authorized partner who will sign the ITR

Here are the benefits of filing your LLP’s ITR with us:

  • We are a team of experienced tax professionals who will ensure that your ITR is filed correctly and on time.
  • We will provide you with a copy of the filed ITR for your records.
  • We will keep you updated on the latest tax laws and regulations so that you can make informed decisions about your business.
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Tax on Cryptocurrency as Virtual Digital Assets

In the Union Budget for FY 22-23, the government of India announced provisions related to Taxation of Cryptocurrency as Virtual Digital Assets, earlier to this there was no provisions for taxation of Cryptocurrency and as General practice, most the Taxpayers are declaring their income either as Trading business or if brought as an investment perspective than as Capital Assets, Short Term or Long Term Capital Gain provisions are been followed by many Industry Experts. In this article, we will discuss provisions related to the Taxation of Crypto as Digital Virtual Digital Assets.

Meaning of Virtual Digital Assets

“Virtual Digital Asset” Means––

(A) Any Information Or Code Or Number Or Token (Not Being Indian Currency Or Foreign Currency), Generated Through Cryptographic Means Or Otherwise, By Whatever Name Called, Providing A Digital Representation Of Value Exchanged With Or Without Consideration, With The Promise Or Representation Of Having Inherent Value, Or Functions As A Store Of Value Or A Unit Of Account Including Its Use In Any Financial Transaction Or Investment, But Not Limited To Investment Scheme; And Can Be Transferred, Stored Or Traded Electronically;

 (B) A Non-Fungible Token Or Any Other Token Of Similar Nature, By Whatever Name Called;

(C) Any Other Digital Asset, As The Central Government May, By Notification In The Official Gazette Specify: Provided That The Central Government May, By Notification In The Official Gazette, Exclude Any Digital Asset From The Definition Of Virtual Digital Asset Subject To Such Conditions As May Be Specified Therein

Digital Virtual Assets

Tax on Crypto as Virtual Digital Assets

For Taxation of Virtual Digital Assets new Section 115BBH has been inserted in Income Tax Act

Where the total income of an assessee includes any income from the transfer of any virtual digital
asset, the income-tax payable shall be the aggregate of

(a) the amount of income-tax calculated on the income from transfer of such virtual digital asset at the rate of thirty per cent and

(b) the amount of income-tax with which the assessee would have been chargeable had the total income of the assessee been reduced by the income referred to in clause (a).

From the above, it is clear that the minimum tax rate shall be thirty percent on any income received from Transfer of Virtual Digital Assets if your rate of tax is below thirty percent or if your rate of tax is more than thirty percent than the higher rate of tax applicable will be the rate of Tax on transfer of Virtual Digital Assets.

Deduction allowed while Calculating Income of Virtual Digital Asset

While calculating income from Virtual Digital Assets deduction in respect to Cost of Acquisition will be allowed and no other deduction will be allowed. Also, Set-off of any loss will not be allowed while calculating income from Virtual Digital Assets.

TDS on payment on Transfer of Virtual Digital Assets

A New Section 194S has been inserted in Income-tax Act for Provisions related to TDS on Virtual Digital Assets

Any person responsible for paying to a resident any sum by way of consideration for transfer of a virtual digital asset shall, at the time of credit of such sum to the account of the resident or at the time of payment of such sum by any mode, whichever is earlier, deduct an amount equal to one percent. of such sum as income-tax thereon

Further, if there is an exchange of one Virtual Digital Assets for another than the person responsible for paying such consideration shall, before releasing the consideration, ensure that tax has been paid in respect of such consideration for the transfer of virtual digital assets.

Non Applicability of TDS on specified person

TDS on Crypto is not applicable if the value or aggregate value of such consideration does not exceed fifty thousand rupees and ten thousand rupees for other than specified persons during the financial year.

“specified person” means a person,–– (a) being an individual or a Hindu undivided family, whose total sales, gross receipts or turnover from the business carried on by him or profession exercised by him does not exceed one crore rupees in case of business or fifty lakh rupees in case of the profession, during the financial year immediately preceding the financial year in which such virtual digital asset is transferred; (b) being an individual or a Hindu undivided family, not having any income under the head “Profits and gains of business or profession”

TDS provisions will be applicable from 01st July 2022.

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Income Tax, TDS extended Due dates for AY 2021-22 (FY 2020-21)

The Central Board of Direct Taxes has extended the due dates of Income Tax Return, Tax Audit, TDS Statement and Other Compliances to provide relief to taxpayers in view of the COVID-19 pandemic. Read the official announcement below:

Circular No. 9 of 2021

F.No.225/49/2021 -ITA-II
Government of India
Ministry of Finance
Department of Revenue
Central Board of Direct Taxes
New Delhi,

Dated 20th May, 2021

Subject: Extension of time limits of certain compliances to provide relief to taxpayers in view of the severe pandemic
The Central Board of Direct Taxes, in exercise of its power under section 119 of the Income-tax Act, 1961 (hereinafter referred to as “the Act”) provides relaxation in respect of the following compliances:

1) The Statement of Financial Transactions (SFT) for the Financial Year 2020­21, required to be furnished on or before 315t May 2021 under Rule 114E of the Income-tax Rules, 1962 (hereinafter referred to as “the Rules”) and various notifications issued thereunder, may be furnished on or before 30th June 2021;

2) The Statement of Reportable Account for the calendar year 2020, required to be furnished on or before 31st May 2021 under Rule 114G of the Rules, may be furnished on or before 30th June 2021;


3) The Statement of Deduction of Tax for the last quarter of the Financial Year 2020-21, required to be furnished on or before 31st May 2021 under Rule 31A of the Rules, may be furnished on or before 30th June 2021;

4) The Certificate of Tax Deducted at Source in Form No 16, required to be furnished to the employee by 15th June 2021 under Rule 31 of the Rules, may be furnished on or before 15th July 2021;
5) The TDS/TCS Book Adjustment Statement in Form No 24G for the month of May 2021, required to be furnished on or before 15th June 2021 under Rule 30 and Rule 37CA of the Rules, may be furnished on or before 30th June 2021;

6) The Statement of Deduction of Tax from contributions paid by the trustees of an approved superannuation fund for the Financial Year 2020-21, required to be sent on or before 31st May 2021 under Rule 33 of the Rules, may be sent on or before 30th June 2021;

7) The Statement of Income paid or credited by an investment fund to its unit holder in Form No 64D for the Previous Year 2020-21, required to be furnished on or before 15th June 2021 under Rule 12CB of the Rules, may be furnished on or before 30th June 2021;

8) The Statement of Income paid or credited by an investment fund to its unit holder in Form No 64C for the Previous Year 2020-21, required to be furnished on or before 30th June 2021 under Rule 12CB of the Rules, may be furnished on or before 15th July 2021;

9) The due date of furnishing of Return of Income for the Assessment Year 2021-22, which is 31st July 2021 under sub-section (1) of section 139 of the Act, is extended to 30th September 2021;

10) The due date of furnishing of Report of Audit under any provision of the Act for the Previous Year 2020-21, which is 30th September 2021, is extended to 31st October 2021;
11) The due date of furnishing Report from an Accountant by persons entering into international transaction or specified domestic transaction under section 92E of the Act for the Previous Year 2020-21, which is 31st October 2021, is extended to 30th November 2021;

12) The due date of furnishing of Return of Income for the Assessment Year 2021-22, which is 31st October 2021 under sub-section (1) of section 139 of the Act, is extended to 30th November 2021;

13) The due date of furnishing of Return of Income for the Assessment Year 2021-22, which is 30th November 2021 under sub-section (1) of section 139 of the Act, is extended to 318t December 2021;

14) The due date of furnishing of belated/revised Return of Income for the Assessment Year 2021-22, which is 31st December 2021 under sub-section (4)/sub-section (5) of section 139 of the Act, is extended to 31st January 2022.

Clarification 1: It is clarified that the extension of the dates as referred to in clauses (9), (12) and (13) above shall not apply to Explanation 1 to section 234A of the Act, in cases where the amount of tax on the total income as reduced by the amount as specified in clauses (i) to (vi) of sub-section (1) of that section exceeds one lakh rupees.

Clarification 2: For the purpose of Clarification 1, in case of an individual resident in India referred to in sub-section (2) of section 207 of the Act, the tax paid by him under section 140A of the Act within the due date (without extension under this Circular) provided in that Act, shall be deemed to be the advance tax.

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Income Tax Return filing Date Extended to 15th February, 2021 for Audit Cases

The government has extended the deadline for filing income tax returns for assessee whose accounts are required to get audited to 15th of February, 2021 for assessment year 20-21.

Income Tax Return filing Date

While filing the tax audit report have been limited to 15th of January only.

The income tax India Twitter handle announce the extension of the deadline for filing income tax returns, the income tax returns for the individual taxpayers whose accounts are not required to be audited has been extended to 10th of January 2021

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How to Apply For Free PAN Card Online in India

How to apply for instant PAN

  • To apply for PAN, please visit the e-Filing website of Income-tax department. (Url: www.incometaxindiaefiling.gov.in) Click the link- ‘Instant PAN through Aadhaar’.
  • Click the link- ‘Get New PAN’. Fill in your Aadhaar in the space provided, enter captcha and confirm.
  • The applicant will receive an OTP on the registered Aadhaar mobile number; submit this OTP in the text box on the webpage. After submission, an acknowledgement number will be generated.
  • Please keep this acknowledgment number for future reference. On successful completion, a message will be sent to the applicant’s registered mobile number and e-mail id (if registered in UIDAI & authenticated by OTP). This message specifies the acknowledgement number.

 

The Indian government has come up with new facility for allotment of instant PAN Card for all those whose who do not have PAN card and have vaild Aadhar Card, Aadhar Card must be mobile OTP enabled.

This will reduce time of 10-15 Days for getting PAN as per Normal procedure.

Scheme of Instant PAN allotment

This facility is for allotment of Instant PAN (on near-real time basis) for those applicants who possess a valid Aadhaar number. PAN is issued in PDF format to applicants, which is free of cost. The applicant is required to type in her/his valid Aadhaar number and submit the OTP generated on the registered mobile number. Once the process is complete, a 15-digit acknowledgment number is generated. Once request is submitted, the applicant can check the status of the request at any time by providing her/his valid Aadhaar number and on successful allotment can download the PAN. The applicant will also receive a copy of the PAN in the e-mail id registered with the Aadhaar database.

 The salient points of this facility are:

The applicant should have a valid Aadhaar which is not linked to any other PAN.

The applicant should have his mobile number registered with Aadhaar.

This is a paper-less process and applicants are not required to submit or upload any documents.

The applicant should not have another PAN. Possession of more than one PAN will result in penalty under section 272B(1) of Income-tax Act.

 How to download PAN To download PAN, please go to the e-Filing website of Income-tax department. (Url: www.incometaxindiaefiling.gov.in)

Click the link- ‘Instant PAN through Aadhaar’. Click the link- ‘Check Status of PAN’. Submit the Aadhaar number in the space provided, then submit the OTP sent to the Aadhaar registered mobile number. Check the status of application- whether PAN is allotted or not. If PAN is allotted, click on the download link to get a copy of the e-PAN pdf.

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Mandatory Filings for Private Limited Companies in Current Financial Year 2019-20- ROC and Income Tax

IMPORTANT FORMS TO BE FILED

E-form Purpose of the Form When to File
DIR-3 KYC  Any person who has been allotted “Director Identification Number(DIN/DPIN) needs to file DIR-3-KYC to update KYC details On or before 30th June of every financial Year
Form DPT-3

 

Return of Deposits

One time return of outstanding receipt of money or loan by a company which is not considered as deposits as per rule 2 (1) (c)

 

Filling is required to be done for both secured & unsecured outstanding money/loan not considered as deposits.

 

Period of outstanding loan/money shall be from April 01, 2014 till March 31st, 2019.

On or before 29th June, 2019
MSME 1 Details of all outstanding dues to Micro or small enterprises suppliers –          within 30 days from the deployment of form on MCA i.e. 30th May, 2019 after that half yearly

–          For the period of April to September-by 31st October

–          For the period of October to March-by 30th April.

ADT-1 For appointment of Auditor Within 15 days of the AGM
Form INC 22A Active Active Form – for Verification of Office and Compliance 15th June

https://fastlegal.in/blog/company-law/active-form-inc-22a-date-extended-15th-june/

AOC-4 Financial Statement Within 30 days of the AGM
MGT-7 Annual Return Within 60 days of the AGM
DIR-12 Addition, cessation, or change in designation of directors Within 30 days of the Event
Income Tax Return Income Tax Return for Private Limited Company On or before 30th September, 2019
TDS Return Tax Deduction To be filed quarterly within 30 days of end of quarter, except in case of Quarter ending on March, in which return to be filed within 90days from the end of quarter?

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Last Date For Filing ITR F.Y. 2018-19 and Penalty On Late Filing of ITR

Due Dates for Filing Income Tax Return

As per the provisions contained in section 139 of Income Tax Act, 1961 every person whose income during the financial year exceeds two lakh fifty thousand rupees (Financial Year 2018-19) is required to file Income Tax Return on or before due date . Due Dates for filing Income Tax Return for the FY 2018-19 is as follows:

Type  of Assesses Due Date
Individual or HUF whose accounts are not liable for tax audit 31st July,2019
Partnership Firm/LLP whose accounts are not liable for tax audit 31st July,2019
Company 30th September,2019
Individual or HUF whose accounts are  liable for tax audit 30th September,2019
Partnership Firm/LLP whose accounts are not liable for tax audit 30th September,2019
Working partner of a firm whose accounts are liable for tax audit 30th September,2019
Assesses involved in foreign transaction u/s 92E 30th November,2019

 

Penalty on Late Filing of Income Tax Return-FY2018-19

As per the provisions of Section 234F of Income Tax Act, late filing of ITR would attract penalty as follows:

  • Five thousand rupees, if the return is filed on or before the 31st December, 2019.
  • Ten thousand rupees, if the return is filed after 31st December, 2019.

If the total income of the person does not exceed five lakh rupees, the amount of penalty shall not exceed one thousand rupees.

Important Points to Note-FY 2018-19

  • A person who fails to file his Income Tax Return on or before above mentioned due dates can file his return after due dates by paying the penalty & interest 31st March,2020, i.e. Last Date for filing Income Tax with penalty Return for FY 2018-19 is 31st March,2020.
  • Return filed after due date would be considered as belated return and such belated return cannot be revised.
  • Interest would also be levied on late filing of Income Tax Return.
  • No penalty would be levied on a person filing Income Tax Return after due dates whose total income during the FY 2018-19 do not exceed two lakh fifty thousand rupees.

Click here to File your Income Tax Return

Please call at +91-9782280098 to connect with Fastlegal team members.

 

 

 

 

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Income Tax Return Filing for AY 2019-20

What is Income Tax and How it is Charged 

Income Tax is a Tax that is imposed on Individual or entities (Tax-Payer) on their income or profits earned during a particular tax period. Income Tax is charged as a percentage of taxable income that varies on the basis income of the tax-payer. The Financial year (April to March in India) in which the income is earned by the tax-payer is known as previous year and the next financial year in which such income is taxed or assessed is known as assessment year. For the financial or previous year 2018-19 the assessment year is 2019-20.

Every individual tax payer & HUF whose income during a previous year exceeds the basic exemption limit (currently Rs.250000/-) is required to file Income Tax Return, in case of other tax payers filing of return is mandatory irrespective of their income.

Type of Taxpayers:

For the classification purpose,Tax payers are divided into following categories under income tax: –

  • Individual
  • Hindu Undivided Family
  • Company
  • Firm
  • An Association of persons or a body of individuals
  • A Local Authority

Mode of Filing of Return

Every person is required to file his Income Tax Return electronically except following:

Individuals of the age of 80 years or more whose income does not exceed 5 lakh rupees and who does not claim any refund in his return may file return in paper form, if he is filing his return in Form ITR-1 & Form ITR-4. Everyone else is required to file his return electronically.

Heads of Income

Income earned by a tax payer  is divided into following five categories or heads under income tax:-

  • Salary: – Existence of relationship of employer and employee is must between the payer and payee to tax the income under this head. Income under the head salaries includes the following;
  • Wages
  • Annuity
  • Pension
  • Gratuity
  • Fees, Commission, Perquisites, Profits in lieu of or in addition to Salary or Wages
  • Advance of Salary
  • Leave Encashment
  • Annual accretion to the balance of Recognized Provident Fund
  • Transferred balance in Recognized Provident Fund
  • Contribution by Central Government or any other employer to Employees Pension Account
  • House Property: The Income is taxable under this head if the tax-payer ownsa house property consisting of any building or land appurtenant thereto and the house property is not being used for the purpose of business or profession carried on by the tax-payer.
  • Capital Gains: The Income is taxable under this head if the tax-payer earns any profit or gains by the transfer of a Capital Asset during the previous year. Capital Asset includes the following:
  • Any kind of property held by tax-payer, whether or not connected with business or profession of the tax-payer.
  • Any securities held by a FII which has invested in such securities in accordance with the regulations made under the SEBI Act, 1992.
  • Income from Business or Profession:The Income is taxable under this head if it is earned by the tax-payer as a result of his Business (trading, manufacturing etc.) or profession (Doctor, Engineer, Advocate, Company Secretary etc.).
  • Income from other sources: Any income which cannot be charged under any of above heads will be charged under this head. Dividend Income, Interest on securities,Composite rental income from letting of plant, machinery or furniture with buildings if such income is not chargeable under the head business or profession are some example of such income. 

Slab of Income:

For individual tax-payers tax is levied on the basis of slab system where different rates have been provided for different slabs and such tax slabs may change during every union budget. Income tax slab for all the tax-payers for the assessment year 2019-20 are summarized in below table: –

Income tax slab for Financial Year 2018-19

Type of Taxpayer

Income Slab

Tax Rate

Health & Education Cess

Individual & HUF below 60 years of Age

Upto Rs.2.5 Lakh

Nil

 

Rs.250000 to 500000

5%

4% of tax

Rs. 500000 to 1000000

20%

4% of tax

Above 1000000

30%

4% of tax

 

 

 

 

Individual & HUF of age above 60 Years but Less than 80 Years.

Up to Rs 300000

Nil

 

Rs.300000 to 500000

5%

4% of tax

Rs. 500000 to 1000000

20%

4% of tax

Above 1000000

30 %

 

 

 

 

 

Individual & HUF of age above 80 Years.

Up to Rs 5,00,000

Nil

 

500000 to 1000000

20%

4% of tax

Above 1000000

30%

4% of tax

 

 

 

 

Domestic Companies

Gross Turnover Upto Rs. 250 Cr.

25%

4% of tax

 

Gross Turnover exceeding 250 Cr.

30%

4 % of tax

 

 

Due Dates for Filing Return of Income for AY 2018-19

Due dates for filing Income tax return are as follows:

S.No.Type of TaxpayerDue Date
1Individuals, HUF, BOI, AOP. (Taxpayers with no audit requirement.)   31st July of relevant Assessment Year
2Company, Taxpayers whose accounts need to be Audited, working partner (whose firm’s books need to be Audited)30th September of the relevant Assessment Year
3Individuals, HUF, BOI, AOP (Taxpayers with audit requirement)           30th September of the relevant Assessment Year

;