Income Returns Deadline Extended to October 15

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Sept. 28 – India’s Central Board of Direct Taxes has extended the deadline for filing of income returns for assessment year 2010-11 to October 15 from September 30.

The extension was made on account of “reports of disturbance of general life caused due to floods and heavy rains.” No mention has been made about extending deadline the filing of transfer pricing, although the due date for the filing of transfer pricing reports is linked to the due date for filing tax returns. As the penalty for late filing of transfer pricing documentation can be heavy, it is advisable to file said documentation by the original due date of September 30.

This extension also applies to corporate tax payers as well as all other categories of tax payers who are subjected to any type of audit including a tax audit. Thus, even for partnership firms, trusts, or individuals who are subject to a tax audit, the due date for filing the tax returns is October 15.