Home Audit & Assurance Tax Audit Due Date should be Permanently Shifted to 31st October?

Tax Audit Due Date should be Permanently Shifted to 31st October?

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Tax Audit Due Date should be Permanently Shifted to 31st October?

Tax Audit Due Date must be Completely Shifted to thirty first October?

The September month was Stuffed with Tax Compliances and numerous due dates. Right now is the final of this month and at the moment is also the due date for the tax audit.

An earnings tax audit is an intensive examination of a enterprise entity’s or skilled particular person’s books of accounts, corresponding to medical doctors, legal professionals, chartered accountants (CA), and so forth. Sure taxpayers with enterprise or skilled earnings exceeding a sure threshold are required to endure an earnings tax audit. The Revenue Tax Division has established a deadline for the submission of the earnings tax audit report. The deadline to submit the tax audit report is thirtieth September 2023 i.e. at the moment.

CBDT earlier introduced that the tax audit due date for evaluation yr (AY) 2023-24 has been prolonged to October 31, 2023. Because of this taxpayers who should have their accounts audited could have extra time to file their tax returns. The CBDT has additionally prolonged the deadlines for submitting Kind 10B/10BB (audit report) and Kind ITR-7 (earnings tax return for trusts and different entities) till October 31, 2023.

As at the moment is the final day for submitting tax audit report, the Twitter is exploding with a everlasting extension of tax audit due date to thirty first October. Numerous Tax Professionals tweeted to ask for a everlasting extension of date. The Rationale behind the identical is that usually, when Tax Audit is full, we’re in place to file ITR as properly. So why not hold it thirty first October 2023 date for each?

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