BUSINESS INCOME TAX RETURNS

As per section 44AB, following persons are compulsorily required to get their accounts audited:

1. A person carrying on business, if his total sales, turnover or gross receipts (as the case may be) in business for the year exceed or exceeds Rs. 1 crore. This provision is not applicable to the person, who opts for presumptive taxation scheme under section 44AD and his total sales or turnover does not exceeds Rs. 2 crores.
2. A person carrying on profession, if his gross receipts in profession for the year exceed Rs. 50 lakhs.
3. A person who is eligible to opt for the presumptive taxation scheme of section 44AD/44ADA/44AE but claims the profits or gains for such business to be lower than the profits and gains computed as per the presumptive taxation scheme of section 44AD/ 44ADA/44AE and his income exceeds the amount which is not chargeable to tax.
4. If an eligible assessee opts out of the presumptive taxation scheme, after specified period, he cannot choose to revert back to the presumptive taxation scheme for a period of five assessment years thereafter.

Generally last date for business income tax return is 31st July of assessment year (next immediate financial year) but in case of business requiring audit, due date is 30th September of assessment year. In case of transfer pricing (international transactions) due date is 30th November of assessment year.

Return of income which has not been furnished on or before the due date specified under section 139(1) is called belated return. Belated return of income is furnished under section 139(4).
Any person who has not furnished a return of income within the time period allowed under section 139(1) or within the time period allowed under a notice issued under section 142(1), may furnish return for any previous year
(i) at any time before the end of the relevant assessment year
Or
(ii) before completion of the assessment, whichever is earlier.
However, a belated return attracts late filing fees under section 234F.
As per section 234F, late filing fees of Rs. 5000 shall be payable if return furnished after due date specified under section 139(1) but before 31st December of the assessment year. In other cases, late filing fees of Rs. 10,000 is payable. However amount of late filing fees to be paid cannot exceed Rs. 1000 if the total income of the person does not exceed Rs. 5lakhs.

Yes, the residential status of a person earning income is very much relevant for determining the taxability of such income in his hands.
Taxability of any income in the hands of a person depends on the following two aspects:
(1) Residential status of the person as per the Income-tax Law
(2) Nature of income earned by him.
Hence, residential status plays an important role in determining the taxability of the income

For the purpose of Income-tax Law, an individual can have any one of the following residential status:

1. Resident and ordinarily resident in India (also known as resident)
2. Resident but not ordinarily resident in India
3. Non-resident

Every year the residential status of the taxpayer is to be determined by applying the provisions of the Income-tax Law prescribed in this regard and hence it may be happen that in one year the individual would be a resident and ordinarily resident and in the next year he may become non-resident or resident but not ordinarily resident and again in the next year his status may change or may remain same.