The Central Board of Direct Taxes (CBDT), working under the Finance Ministry, announced this on October 7. This decision of CBDT will provide relief to those special category of taxpayers who have not yet filed their Tax Audit Report.

What is the new date?

The last date for filing the report for taxpayers filing audit reports was 30 September 2024. But the Central Board of Direct Taxes had extended it to 7 October 2024, so that taxpayers who have not submitted their audit reports can easily submit them. However, despite this, many taxpayers have not been able to file the audit report yet. After this, CBDT has taken a decision in the interest of taxpayers and has decided to extend the last date for tax audit report to 10 November 2024.

These taxpayers will not get the benefit

Let us tell you that the benefit of this extended date will be available only to trusts, institutions, funds and taxpayers filing audit reports through Income Tax Form 10B/10BB. At the same time, taxpayers with business or professional income who are subject to tax audit under section 44AB will have to submit their audit reports using Form 3CD, 3CA and 3CB. The extended deadline for these taxpayers was 7 October 2024.

What is the method to file 10B form?

Step-1: Taxpayer can assign Form 10B (AY 2023-24 onwards) to CA through e-file form mode.
Step-2: CA can check the assignment in “For Your Action Tab” under Work List.
Step-3: CA can accept or reject the assignment.

Step-4: If the CA accepts the assignment, he has to upload the JSON with PDF attachment under offline mode of filing.
Step-5: Once the CA submits the JSON with valid attachments, the taxpayer has to accept/reject the form uploaded by the CA through the “For Your Work” tab of the worklist.

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The post CBDT extends deadline for filing tax audit report for these taxpayers till Nov 10: What you need to know first appeared on Rightsofemployees.com.

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.

The post Income Tax Return: Big information related to income tax, you can do this work till 30 September first appeared on Rightsofemployees.com.

“Considering the difficulties being faced by the taxpayers and other stakeholders in filing various audit reports for the assessment year 2022-23, the Central Board of Direct Taxes (CBDT) conducted the audit,” an official statement said on Friday night last week. It has been decided to extend the due date for filing various reports. Assessment year 2022-23, which was from 30 September 2022 to 7 October 2022.

Under the Income Tax Act, taxpayers who are required to have their accounts audited by a chartered accountant are required to file a tax audit report with the Income Tax Department by September 30.

The post Filing Tax audit report Date Increased: Government extends deadline for filing tax audit report till October 7 first appeared on Rightsofemployees.com.