Don’t Miss the Tax Audit Deadline Learn About the Tax Audit Deadline and Late Filing Penalties

Taxring @Taxring · Sep 23, 2024

Income tax legislation mandates that certain taxpayers perform income tax audits. The scope of this audit includes a thorough examination of the taxpayer’s financial records and books of accounts, particularly for those who get revenue from their business or profession. Verifying the correctness of income tax returns (ITRs) and financial statements is the primary goal of tax audits. The law intends to deter tax evasion and encourage compliance among entities by enforcing tax audits.

Knowing about the penalties for filing tax audit reports beyond the deadline

Many taxpayers are concerned about maintaining compliance as the September 30 deadline for filing tax audit reports draws near. Important information about the tax audit deadline, late filing fines, and any problems taxpayers can have with the ITR e-filing portal will all be covered in this blog.

What is the due date of tax audit
The deadline for submitting tax audit reports for the fiscal year 2023–2024 is September 30, 2024. For taxpayers whose professional income surpasses ₹50 lakhs or whose firm sales exceeds ₹1 crore, this deadline is critical. If you miss this deadline, there could be serious consequences.

If you forget to file your tax audit by September 30, here are some important points to consider:

1. Belated Return: You can file a belated return, but there may be penalties associated with it.

2. Penalty: A penalty of up to ₹5,000 may apply for late filing. If your total income is less than ₹5 lakh, the penalty could be reduced to ₹1,000.

3. Interest Charges: If you have any tax due and don’t pay it on time, interest may also be charged on the outstanding amount.

4. Revised Return: If you’ve already filed a return but realize there are errors, you can file a revised return.

5. Consult a Professional: It’s advisable to consult a tax professional to understand the process and implications better.

Read here — why you need tax consultant ?

Summary
Taxpayers need to be aware of the consequences of filing tax audit reports beyond the deadline of September 30. Significant penalties may apply, and problems with the ITR e-filing facility might make things much more difficult. Taxpayers can prevent needless stress and fines by being proactive, remaining educated, and making sure their submissions are made on time. Tax specialists can be a great resource for people who need help navigating this complicated procedure.

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