Friday, September 18, 2009

Income Tax Returns Audit

Every Year around this time, the time of Filing Audited Income Tax Returns in India, businessmen start getting headaches.

Late nights at the office coupled with early starts, all for one thing FINALISATION of Books of Accounts.

This time round it made me start to think, How many people must be out there who have to run around madly just to be in time for filing Income Tax Returns.

Like a friend of mine whom I reminded on the 7th of September that he has to has to file the income tax returns of his business before 30th September.

He couldn't thank me enough and with a little help from me, set about with the task of getting his books in order.

Or another salaried friend of mine would not bother filing his Individual Income Tax Returns. He thought that the Form 16 that his Company had given him would suffice. On top of that he also had a TDS Income Tax refund of Rs.6,900/-

He came to me on the 31st of July 2009, the last date for filing of Income Tax Returns for Salaried Individuals and Individuals with Business Turnover below Rs. 40 Lakhs.

Not only did I file his returns on time, but also made him give me a friendly promise to part with 1/3rd of his tax refund when it comes! A thing that I will have to joking remind him to cough up every time I meet him in the future.

So Best of Luck to all you timely filers. All the filing work in my hands should be complete latest by the 21st September 2009.

Then I plan to take a brief holiday in Lonavla or else where, because October beckons.....

Half - Yearly / Second Quarter VAT and Service Tax returns have to be filed by the 25th of October !!

Nov 2008 - Remember Mumbai