What is the income tax audit report submission deadline for FY 2023-24 (AY 2024-25)

What is the new deadline to submit income tax audit report for FY 2023-24 (AY 2024-25)

The income tax law requires certain taxpayers to conduct an income tax audit and submit the report by September 30 of the assessment year. However, for FY 2023-24 (AY 2024-25), the tax department has extended the deadline to submit tax audit report to October 7, 2024, from the initial deadline of September 30, 2024. This means you now have an additional seven days to file a tax audit report for FY 2023-24 (AY 2024-25).

How many times in the past four years has the income tax audit report submission deadline been extended?

According to Mihir Tanna, Associate Director- direct tax, S.K Patodia & Associates LLP, a CA firm, in the past four years, the government has extended the tax audit deadline three times.

According to Tanna:

FY 2022-23 (AY 2023-24): "There was no extension for corporate and individual ITR and tax audit, but extension was provided to the trust due to change in its tax audit form.
FY 2021-22 (AY 2022-23): For FY 21-22 the due date was extended once (for both ITR and tax audit) by 7 days due to a similar issue of uploading audit reports on income tax e-filing portal as in FY 2023-24 (AY 2024-25).
FY 2020-21 (AY 2021-22): For FY 2020-2021 the due date was extended twice due to covid. For the tax audit of FY 2020-2021 the last date was January 15, 2022, and for ITR the last date was February 28, 2022."

The table summarises how many times the tax audit and ITR deadlines were extended in the past four years.

Tax audit deadline extendedSource: Chartered accoutant Prakash Hegde

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Although the tax audit deadline was mostly extended in the last four years, the income tax return (ITR) deadline has not been extended except during Covid, as per a report by the Economic Times.

"Before September 2024 also, many stakeholders were facing certain issues in using the income tax portal throughout the year. Sometimes errors were faced at the time of downloading old income tax returns/forms/intimations, at the time of doing login to the income tax portal etc. As a huge volume of information as well as communications are through the e-filing ITR portal, dependency on the Income tax e-filing ITR portal is increased. Income tax system (website as well as processing system) requires updates to resolve such kinds of issues," says Tanna.

What is an income tax audit?

An income tax audit is a thorough inspection of the books of accounts of a business entity or professional individual. The government's mandate for income tax audits among businessmen and professionals crossing specific income thresholds demonstrates a commitment to financial transparency and accountability. The due date for filing ITR for those required to submit an audit report on the e-filing ITR portal is October 31 of the relevant assessment year. This due date applies to taxpayers who are required to get their accounts audited as per Section 44AB on or before September 30 of the relevant assessment year.

For example, suppose you are liable to submit an income tax audit report on or before September 30. Then you must get your books of accounts audited by September 30 and file your income tax return by October 31, 2024. However, for FY 2023-24 (FY 2024-25), submit the tax audit report by October 7, 2024, and ITR by October 31, 2024, unless otherwise stated.

When can you file a revised tax audit report

The uploaded income tax audit report can be revised as per the conditions stipulated in Rule 6G.

"As per Rule 6G(3) which is inserted with effect from 01 April 2021 - The tax audit report may be revised and the revised report should be furnished before the end of the relevant assessment year if there is payment by such person after furnishing of the original report which necessitates recalculation of disallowance under section 40 or section 43B," says chartered accountant Prakash Hegde.

This story originally appeared on: India Times - Author:Faqs of Insurances