Income Tax Return: Under the Income Tax Act, it is mandatory for certain categories of businessmen and professionals to get an income tax audit by a chartered accountant.
Income Tax Return: The deadline for filing income tax has passed long ago, but there are some other things that need to be done. Similarly, the last date for work related to income tax is coming closer. As per the Income Tax Act, 1961 certain taxpayers are mandatorily required to submit their accounts information to Income Tax audit. Income tax audit is a thorough inspection of the books of accounts of a business entity or a professional person.
When is the due date for filing tax audit report and ITR by such taxpayers and who is to be appointed to conduct income tax audit as per income tax rules, all this information is given below.
Last date to submit tax audit report?
The taxpayer seeking tax audit report should get his books of account audited and get the audit report prepared on or before 30th September under the relevant assessment year.
For example, if a person is required to undergo tax audit in the financial year 2022-23 due to business or professional income exceeding the audit requirement limit, he should get audited by September 30, 2023 and report the same. Upload on the ITR portal by the same date.
ITR filing date with audit report
It is important to understand that different categories of taxpayers have different ITR filing dates. The due date for filing ITR for taxpayers who are required to submit audit reports is 31 October for the assessment year.
Whom to Hire for Tax Audit?
It is important to note that a taxpayer who is mandatorily required to conduct income tax audit is required to engage two different chartered accountants. A Chartered Accountant is required to manage and operate the accounts information, day to day operations etc.
Another chartered accountant is required to inspect the accounts information for the purpose of tax audit. A chartered accountant conducting tax audit cannot manage the day-to-day operations of the same taxpayer.
