ITR audit filing last date: Tax audit report prevents institutions, companies from misrepresenting income and government prevents tax evasion through audit of account books.
New Delhi: According to the Income Tax Act 1961, some taxpayers have to compulsorily conduct income tax audit of their account books. Income tax audit is an in-depth inspection process of the books of accounts of a business unit or a professional person.
The government’s mandate for income tax audit among business firms and professionals crossing specific income limits shows commitment to financial transparency and accountability. This ensures the accuracy of financial records and ITR and reflects the reported income and expenses with the correct financial activities. Whereas, such audits also work to prevent tax evasion.
Chartered accountant Sandeep Agarwal, director of financial regulation firm TeamLease RegTech, said tax audit reports prevent entities, companies from misrepresenting income or inflating expenses to reduce tax responsibilities. The government prevents tax evasion through audit of account books.
What is the last date for submission of Tax Audit Report?
Vijay Bharech, director at tax consultancy firm Deloitte Haskins & Sells LLP, explained that a taxpayer who is required to obtain a tax audit report should obtain the accounts and audit report on or before September 30 of the relevant assessment year. .
- For example, if a person needs to get tax audit done in the financial year 2022-23 due to higher business or business income, then he should get the audit done by 30 September 2023 and report the same to Income Tax. Upload the report on the ITR portal by the same date.
Last date for filing ITR with audit report
It is important to understand that different categories of taxpayers are given different deadlines for filing income tax returns. Aditya Chopra, partner at Mumbai-based law firm Victoria Legalis Advocates & Solicitors, said that taxpayers who are required to submit audit reports have set October 31, 2023 as the last date for assessment year 2023-24. This due date is applicable to those taxpayers who are required to get their accounts audited as per section 44AB.
- For example, suppose that a person’s business or business income exceeds the prescribed limit and for him income tax audit is mandatory in the financial year 2022-23 (Assessment Year 2023-24). Then such a person will have to get his accounts audited by 30 September 2023 and file his ITR along with the audit report by 31 October 2023.
Who should be appointed to conduct tax audit?
It is important to note that a taxpayer who is mandatorily required to conduct income tax audit is required to appoint two different chartered accountants. A chartered accountant is required to manage the account books, daily work. Whereas, for the purpose of tax audit, another chartered accountant is required to inspect the account books draft. A chartered accountant conducting tax audit cannot manage the day-to-day operations of the same taxpayer. Tax Audit Report is required to be e-filed by a Chartered Accountant.
We have taken all measures to ensure that the information provided in this article and on our social media platform is credible, verified and sourced from other Big media Houses. For any feedback or complaint, reach out to us at informalnewz@gmail.com
