The final day to file your income tax return (ITR)

Every financial year, individuals, corporations, and other taxpayers are required to file income tax returns (ITRs) to the government informing them of their income and the taxes they have paid on it. The last day to file an ITR, or the deadline for filing tax returns, differs according on the taxpayer's category. However, taxpayers must complete their reports by the deadline in order to avoid paying a penalty and losing certain income tax benefits. For example, taxpayers who are salaried and whose accounts are not audited are obliged to file ITRs by July 31. In a similar vein, taxpayers who have sought an audit of their books of accounts but do not apply transfer pricing are obliged to file their ITR by October 31.