Tax Audit Date Extension: The CBDT has extended tax audit last date by a week.
Tax Audit Date Extension Latest Update: Today is the last day for income tax audit report filing and the taxpayers as well as chartered accountants have been demanding the government to extend the due date. The tax audit takes place under Section 44B. It is the provision under which taxpayers are required to get their accounts tax audited by a chartered accountant. So, the taxpayers are required to obtain the audit report before September 30 for the assessment year 2022-23.
The tax audit process is aimed at ascertaining the compliance of various income tax provisions. If the audit report is not generated before the due date, then the taxpayers will have to pay a penalty. As per section 271B of the Income Tax Act, 1961, any delay in compliance may attract a penalty of either 0.5 per cent of the total sales, turnover or gross business receipts or Rs 1,50,000.
Paying heed to taxpayers demand, the department extended the date by a week. “CBDT extends the due date for filing of various reports of audit for Assessment Year 2022-23 from 30th September, 2022 to 7th October, 2022 for certain categories of assessees. Circular No. 19/2022 dated 30.09.2022 issued,” said the department in a tweet.
Earlier, taxpayers took to the social media platforms including Twitter demanding an extension in the due date while claiming that the income tax portal is now working properly. The #Extend_Due_Date_Immediately hashtag has been trending for the last few days.
While users claimed that the tax portal is not functioning, the income tax department said that the portal is working properly and asked users to clear the browser cache and then proceed with the form again. In some cases, the department flagged the issues and said its team is looking to resolve the complaint.
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