Tax Return Filing For Small Businesses I FY 2019-20 I Income Tax Audit

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Small business entrepreneurs include sole proprietorship's, partnerships and HUFs. In general, their capital is relatively small, and they have a low scale of operations with limited assets and liabilities.

The tax audit deadline is crucial and needs to be done by the due date, 31st October 2020 (for FY 2019-20). A non-compliance entails heavy penalty which is lower of the following:

1. 0.5% of the total sales, turnover or gross receipts
2. Rs 1,50,000

For the FY 2019-20, the due date for tax filing is 30th November 2020 after the end of the financial year. In case of belated filing, you need to pay late filing fee and interest on tax dues. Also, you cannot carry forward losses in a belated tax return.

Do not wait for the last day to file the ITR for your business, get in touch with a ClearTax expert.

We are always happy to assist you. Feel free to write to us at [email protected] or call us at 080-67458777 for any further queries you have.