The Income Tax Act of 1961 mandates that some taxpayers conduct an income tax’s audit of their financial records. A detailed examination of a commercial entity’s or a professional person’s financial records is a tax audit. The government’s requirement for tax audits of businesspeople and professionals who earn more over a certain threshold demonstrates its commitment to financial accountability and openness. This treatment has a variety of uses.
Income Tax
As reported income and spending are matched with actual financial operations. It first verifies the correctness of financial records and ITRs. Second, these audits discourage businesses from misrepresenting income or inflating expenses to lower tax liabilities by acting as a disincentive to tax evasion.
Report on a tax audit
The accounts should be audited in order to obtain the tax audit report. According to the Income Tax Act, certain types of businesspeople and professionals are required to have their income tax audit performed by a chartered accountant. September 30, 2023, is the deadline for income tax audits for the fiscal year 2022–2023 (AY 2023–24). The deadline for filing an ITR with an audit report is October 31, 2023. In such a case, the audit report shall be acquired on or before September 30 for the earnings of the financial year 2022–2023.
The deadline is today.
If a person must undergo a tax audit in the fiscal year 2022–2023 because their business or professional income is above the threshold for an audit, they must do so by September 30 of that year and upload the same report. The person who must submit the audit report. For such taxpayers, the ITR filing deadline is October 31, 2023. Taxpayers who are required to have their accounts audited in accordance with section 44AB are subject to this deadline.
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