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Which types of entities are required to file annual income tax returns by the Indian government, and what is the deadline for doing so?
Q&AAccording to the 1961 Income Tax Act, all legal persons (including corporations, individuals, trusts, and partnerships) must file an annual income tax return in India. For the majority of companies, the fiscal year officially ends on March 31st, and the deadline for filing the corresponding annual income tax return is September 30th, with a two month extension granted to corporations engaging in foreign currency transactions. While tax filing is mandatory, the tax authority does allow companies to subtract a prior annual operating loss against the current year’s tax liability, thus benefiting young firms new to the Indian market.
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