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Under the Income Tax Act, what is the due date for filing returns for a company that does not have any international transactions?
Question

Under the Income Tax Act, what is the due date for filing returns for a company that does not have any international transactions?

A.

July 31

B.

November 30

C.

September 30

D.

August 31

Correct option is C

The correct answer is (c) September 30
Explanation:
• Under the Income Tax Act, 1961, companies (domestic or foreign) are required to file their income tax returns annually.
• For a company that does not have any international transactions (or specified domestic transactions requiring Transfer Pricing reports), the due date is September 30 of the assessment year.
• This deadline applies to companies whose accounts are required to be audited under the Income Tax Act or any other law.
• Filing the return after this date may attract interest under Section 234A and a late fee under Section 234F.
• The return is filed using the form ITR-6.
Information Booster:
• If a company has international transactions or specified domestic transactions (requiring a report in Form 3CEB), the due date is November 30.
• The Assessment Year (AY) is the year immediately following the Financial Year (FY) in which the income was earned.
Additional Knowledge:
July 31 (Option a)
• This is the standard due date for individuals, HUFs, and firms whose accounts are not required to be audited.
• It is the most common deadline for salaried employees.
November 30 (Option b)
• This date is applicable to taxpayers (including companies) who are required to furnish a report in respect of international transactions or specified domestic transactions under Section 92E.
August 31 (Option d)
• This is not a standard statutory deadline for filing income tax returns for companies or individuals under the current provisions of the Income Tax Act.

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