Income Tax Returns in Bangalore


Income Tax Returns

Below are the Assesses as per Income Tax Act

  1. For Proprietorship Firm
  2. Partnership Firm
  3. LLP
  4. Private Limited Companies
  5. Trusts
  6. Societies
  7. NGOs
  8. Welfare Association
  9. Schools
  10. Hospitals
  11. Hotels
  12. Salaried
  13. HUF
  14. AOP’S

Proprietorship Tax Return Filing

All Above Assesses are required to file income tax return in India.

Under Income Tax Act, all Individual assesses below the age of 60 years are required to file income tax return if total income exceeds Rs. 2.5 lakhs. In the case of proprietors over the age of 60 years but below 80 years, income tax filing is mandatory if total income exceeds Rs.3 lakhs. Proprietors over the age of 80 years and above are required to file income tax return if the total income exceeds Rs.5 lakhs.

All the assesses mentioned above other than Individuals has to compulsorily file their returns

SLG Professional Solutions provides income tax return filing for all the assesses across the country. Get in touch with an SLG Professional Solutions Tax Expert to file the income tax return for your proprietorship firm today

When is Tax Audit Compulsory?

An audit would be required for a proprietorship firm if the total sales turnover is over Rs.1 crore during the financial year. In the case of a professional, audit would be required if total gross receipts is more than Rs.50 lakhs during the financial year under assessment. Also, an audit would be required for any proprietorship firm under presumptive taxation scheme irrespective of turnover if the income claimed is lower than the deemed profits and gains under the scheme.

What is the Due Date for Tax Filing? FY 2018-19, AY 2019-20

The due date for filing income tax returns is the date by which the returns can be filed without any late fee or penalty. The taxpayers filing their return beyond such due date will have to pay interest under 234A and penalty under section 234F. It is important for all the taxpayers to remember the due date of filing income tax returns. The due date varies on the basis of taxpayers. For instance, salaried individuals are usually required to file their income tax returns by 31st of July of the assessment year.

Here’s the table of the due dates for FY 2019-20 for different categories of taxpayers:

Category of Taxpayer Due Date for Tax Filing – FY 2019-20
Individual 31st July 2020
Body of Individuals (BOI) 31st July 2020
Hindu Undivided Family (HUF) 31st July 2020
Association of Persons (AOP) 31st July 2020
Businesses (Requiring Audit) 30th September 2020
Businesses (Requiring TP Report) 30th November 2020

In the budget 2020, the due date for filing the income-tax return from FY 2020-21 onwards is proposed at the 31st of October for a taxpayer required to have their accounts audited and for a partner of a partnership firm required to have its accounts audited.
Important Due Dates of Income-tax return filing for the year 2020
Whenever we talk about income tax, there is various kind of compulsory tax formalities that need to be followed by a person and that too within the specified due dates prescribed, such as filing of income tax returns, paying advance tax on time.

Here is the TAX CALENDAR for the FY 2020-21:

Due Date Tax Due
15th June 2020 Due date for the first instalment of advance tax for the FY 2020-21
31st July 2020 i. Companies
ii. Non-Companies whose books are required to be audited
iii. Working partner of a firm whose accounts are required to be audited
15th September 2020 Due date for the second instalment of advance tax for the FY 2020-21
30th September 2020 Due date for filing of tax audit report/income tax return for the FY 2019-20 for the following:
i. companies
ii. Non-Companies Whose books are required to be audited
30th November 2019 i. The due date for filing Audit report for the FY 2018-19 in case of a person who is required to submit a report pertaining to international or specified domestic transactions under section 92E
ii. The due date for the report to be furnished in Form 3CEB in respect of international and specified domestic transactions
iii.The due date for filing of Income-tax Return for FY 2019-20 for the aforesaid taxpayers
15th December 2020 Due date for the third instalment of advance tax for the FY 2020-21
15th March 2020 i. The fourth instalment of advance tax due for the FY 2020-21
ii. The due date for the whole amount of advance tax for FY 2020-21 for taxpayers covered under the presumptive scheme of Section 44AD and 44ADA
Read about how to calculate and pay Advance Tax.


Further, here, it would be relevant to mention that if the due date for filing the original return of income is missed, on can file a return belatedly called a belated return for the FY 2018-19 on or before 31 March 2020.

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