Income Tax Audit Due Date: Has the due date for submitting TAR Extended?:

Income Tax Audit Due Date: Has the due date for submitting TAR Extended? As per the Income Tax Act, the taxpayer who is a business person or is in a certain profession is required to get his books Audited by a practicing Chartered Accountant (CA) if his business or Professional Turnover is above a certain Threshold Limit. After completion of the Audit Tax Audit Report (TAR) is required on the Income Tax Portal, before a specific date. Tax Audit Applicability for FY 2022-23

Due Date for Submission of Tax Audit:

As per Section 44AB, the Due Date for submission of Tax Audit as per the Income Tax Act is one month prior to the due date for furnishing the return of income under sub-section (1) of section 139. The due date for furnishing the return of income under sub-section (1) of section 139 for Audit cases is 31st October. This means, the Due Date for submission of Tax Audit for Financial Year 2022-23 (Assessment Year 2023-24) is 30th September 2023. Has the due date for submitting TAR for the Financial Year 2022-23 been Extended? The Central Government has extended the deadline for Filing Income Tax Form 10B and Form 10BB for FY 22-23 via issuing Circular. The Due Date of Filing of Income Tax Return by Trust for AY 23-24 i.e Form ITR-7, has also been extended upto 30th November 2023. The Due Date for furnishing Tax Audit Report u/s 44AB of Income Tax for Financial Year 2022-23 (Assessment Year 2023-24) is still 30th September 2023. Also Read: CBDT Extends due date for filing Income Tax Audit Report in Form 10B/10BB for Trusts

Penalty for not getting the accounts audited as required by section 44AB

​​According to section 271B, if any person who is required to comply with section 44AB fails to get his accounts audited in respect of any year or years as required under section 44AB or furnish such report as required under section 44AB, the Assessing Officer may impose a penalty. The penalty shall be lower of the following amounts: (a) 0.5% of the total sales, turnover or gross receipts, as the case may be, in business, or of the gross receipts in the profession, in such year or years. (b) Rs. 1,50,000. However, according to section 271B​, no penalty shall be imposed if reasonable cause for such failure is proved.