Should you be running a business in 2019 and have not yet filed your 2019 business tax return, you could still be wondering if there is anything else to do. Knowing the fundamentals is crucial even if the financial year is long gone, particularly for audits, record-keeping, or ongoing compliance.
What is a Business Tax Return?
Declared by companies, sole proprietors, partnerships, or freelancers, a business tax return (ITR) shows their income, expenses, and taxes paid during a financial year.
The financial year was 2018–19 for the 2019 business tax return; the assessment year was 2019–20.
Who Needed to Turn in a 2019 Business Tax Return?
You needed to file if:
- You run a proprietorship, partnership, or private limited company.
- You had either business or professional income.
- You had more gross income than the basic exemption limit.
- You intended to carry forward losses.
- You needed ITR evidence for a visa or loan.
Even without profit, keeping compliant required completing a 2019 business tax return.
Which ITR Form Was Used for 2019?
The forms depended on your type of business:
- ITR-3: For those with income from employment or business/profession.
- ITR-4 (Sugam): For those under sections 44AD, 44ADA, 44AE (presumed taxation system).
- ITR-5: For LLPs, partnerships, etc. in cooperative businesses.
- ITR-6: For businesses different from those claiming Section 11 exemptions.
2019 Business Tax Return Due Dates:
- Original deadline: July 31, 2019 (non-audit cases).
- Case of audits: September 30, 2019.
- Deadline for belated returns: March 31, 2020.
- New return date: Also March 31, 2020.
The regular filing period for the 2019 business tax return is now closed. However, it might still be necessary in rare circumstances like income tax notifications or audits.
Can You Still File the 2019 Business Tax Return?
You cannot now file it freely. On the other hand, should the Income Tax Department send you a notice, you may be permitted to submit it under their direction. If your attorney or CA needs to present your tax history, it also helps.
Why the 2019 Business Tax Return Still Matters:
- For credit card or loan applications.
- For income documentation during immigration or visa applications.
- For compliance checks or income tax investigations.
- For triggering business losses in future years (should they be filed timely).
Final Thoughts:
Record-keeping and compliance history depend on the time for filing the 2019 business tax return, even if it has passed. Always have a copy of past ITRs secured. Consult a tax professional to advise on what to do next if you missed it and require assistance now owing to a notice or problem.