CBDT has extended the tax audit report due date to 7th October 2022.

On the last date of filing, taxpayers faced a lot of difficulty in uploading the audit reports on the portal. Considering the IT glitches and taxpayers’ hardships, the Income tax department extended the due date for filing various tax audit reports to 7th October 2022 via a press release issued on 30th September 2022(Circular No. 19/2022 F.No.225/49/2022/ITA-II). Previously, the deadline was September 30. If anyone fails to have their accounts audited after the revised deadline, a fine will be levied. Lower of the following amounts shall be the penalty as per section 271B:

  1. a) 0.5% of the turnover, gross receipts or total sales, as the case may be or
  2. b) ₹ 1,50,000. 

However, no penalty is charged if a valid explanation for the delay is provided.

A tax audit may be triggered under various sections. In the following cases, a taxpayer would be required to maintain books of accounts and get a tax audit done before 7th October 2022 for the assessment year 2022-23: 

For any clarifications/feedback on the topic, please contact the writer at ektha.surana@clear.in

You May Also Like

Is income tax applicable on Bonus Income?

Did you know that tax deductions don’t apply for the incentives and…

Government denies any extension for ITR filing and urges filing by July 31

The government has decided not to extend the deadline for submitting Income…

New format for salary TDS notified by CBDT

The Central Board of Direct Taxes (CBDT) has notified amendments in the…

Government approves new National Pension System (NPS) rules

The Government has approved the proposal of streamlining the National Pension System…