Income Tax Return: According to the Income Tax Act, 1961, some taxpayers compulsorily have to conduct income tax audit of their accounts. Income tax audit is a thorough inspection of the accounts of a business entity or a professional person.
The government’s mandate for income tax audit among businessmen and professionals crossing specific income limits shows commitment to financial transparency and accountability. This remedy serves multidimensional purposes.
Income Tax
First, it ensures the accuracy of financial records and ITRs, aligning reported income and expenses with actual financial activities. Second, such audits act as a deterrent against tax evasion, discouraging entities from misrepresenting income or inflating expenses to reduce tax obligations.
Tax audit report
To get the tax audit report, the accounts should be audited. Under the Income Tax Act, it is mandatory for certain categories of businessmen and professionals to get their income tax audit done through a chartered accountant. The last date for income tax audit for the financial year 2022-23 (AY 2023-24) is September 30, 2023. At the same time, the last date for filing ITR with audit report is 31 October 2023. In such a situation, this time for the earnings of the financial year 2022-23, the audit report should be obtained on or before 30 September.
This is the last date
If a person is required to get tax audited in the financial year 2022-23 due to business or professional income above the audit requirement limit, he should get audited by September 30, 2023 and upload the same report. Who is required to submit the audit report. The due date for filing ITR for those taxpayers is 31 October 2023. This due date is applicable to those taxpayers who are required to get their accounts audited as per section 44AB.
