The Central Board of Direct Taxes ( CBDT ) today directed the companies and other persons whose accounts are required to be audited to submit their income tax returns and Tax Audit Reports within 30th September 2018.

With this, the Board hints at no extension of due date which may hit the taxpayers and the tax professionals who are expecting a one-month extension

“All Companies and Other Persons whose accounts are required to be audited (including working partners of such firms) e-File your Income Tax Return (ITR) for A.Y. 2018-19 and audit report under section 44AB and 115JB of the Income Tax Act, 1961 by 30th September, 2018,” an advisory issued by the CBDT said today.

Failure to submit the return and tax audit report in time would result in huge interest and prosecution. Any unadjusted Business Losses/Capital Losses canned be carried forward if the same is not filed in time.

Further, there would be a fee for late filing from this year onwards.

The taxpayers and the professionals all over the country have made several requests to the CBDT for an extension of the last date. The Chartered Accountants body, the Institute of Chartered Accountants of India (ICAI) has already made three representations so far to the Government seeking due date extension. However, no notification or order has been issued from the Government side in this regard.