Volume 3, Issue 19


28th Sep, 2010


Tax Alert
Deadline for filing of tax returns in India extended from 30th September to 15th October

The due date for filing of Indian tax returns for the year ended 31st March, 2010 by companies is 30th September, 2010. In all cases where the gross turnover exceeds Rs. 4 million, a compulsory tax audit is also required to be done. The due date for this is also 30th September. Similarly, the due date for filing of Transfer Pricing Reports with the Income-tax department wherever applicable is also 30th September.

In the past few weeks, at many places In India, normal life has been affected by heavy rains and floods. This has resulted in disruption of work in many offices and consequently, representations were made to the Govt. to extend the due date for filing the tax returns. In response to such requests, the Govt. has issued a notification on 27th September extending the due date for filing of such tax returns from 30th September to 15th October. The due date for signing the tax audit reports has also got extended to 15th October. For filing of transfer pricing reports, the due date is linked to the due date for filing tax returns. Although there is no specific mention in the latest notification about the due date for filing transfer pricing reports, the logical view is that the due date for filing transfer pricing reports too has got extended to 15th October. However, considering the heavy penalty that can be levied by the Indian tax authorities for delay in filing of transfer pricing reports, it is advisable to take a conservative view and file the same by 30th September.

Apart from corporate tax payers, the extension also applies to all other categories of tax payers who are subjected to any other audit including a tax audit. Thus, even for partnership firms, trusts, individuals etc. who are subject to tax audit, the due date for filing the tax returns stands extended to 15th October.

While this gives breathing space to many, we at SKP reiterate our policy of completing our work on schedule and would be aiming at filing the tax returns of all our clients by 30th September instead of going by the extended deadline. We hope to receive co-operation from all our clients in doing so.