The Due Date for Tax Audit Report in India refers to the last date by which a taxpayer, who is required to get their accounts audited under the Income Tax Act, must submit their tax audit report to the Income Tax Department. This is governed by Section 44AB of the Income Tax Act, 1961.
Typically, this due date falls on 30th September of the assessment year following the financial year. However, the Central Board of Direct Taxes (CBDT) may extend this deadline under special circumstances, such as during natural calamities, pandemics, or technical issues with the income tax e-filing portal.
Taxpayers such as businesses and professionals whose turnover exceeds specified thresholds (e.g., ₹1 crore for businesses or ₹50 lakh for professionals—subject to applicable conditions and changes) are generally required to undergo a tax audit. Once audited by a Chartered Accountant, the report must be filed electronically using Form 3CA/3CB along with Form 3CD.
Meeting the due date for filing the tax audit report is important for several reasons:
- Avoiding Penalties: Missing the deadline can result in penalties under Section 271B, which can be up to 0.5% of turnover, subject to a maximum of ₹1,50,000.
- Ensuring Compliance: Timely submission of the audit report helps demonstrate financial transparency and strengthens your compliance standing with tax authorities.
- Smooth ITR Filing: The audit report must be filed before filing the Income Tax Return (ITR), making it an essential prerequisite for audited taxpayers.
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In summary, the due date for tax audit report submission is a key compliance requirement for businesses and professionals falling under the audit mandate, and staying informed about it is essential to avoid legal and financial repercussions.