It is very crucial to file the audit report within the prescribed due date, otherwise, the penalty is levied (as follows whichever is lower) by the assessing officer as per section 271B:
- a) 0.5 percent of the turnover, net receipts or gross sales, or
- b) Rs. 1,50,000.
Additionally, in case a taxpayer gets late for filing the tax returns, then no losses would be allowed to be carried ahead and the interest under section 234A shall be applicable as well.
It is here to be noted that taxpayers are still allowed to file their tax returns post the due date and the same can be filed following the regular provisions, but however, it is the responsibility of an AO (Assessing Officer) to send a notice regarding the penalty. But in case of the assessee presents any relevant reason for the delay then s/he can drop off the received notice.
The last date to file an Income tax return is September 30, 2022, for the business A.Y. 2022-23. Additionally, there were extensions that were effective to file tax returns. The initial extension was October 7 and the next was Octber31 and after that, it was again gets extended to November 7.
What is a Tax audit
A tax audit is an examination or act of probing your tax returns by an outside agency to verify that the income and deductions filed are right and accurate. Under the tax audit, businesses, professions, or individuals are reviewed and analyzed which makes the process of income tax calculation easier. Income Tax Act tax audit has been compulsory on the annual gross turnover/receipts if the turnover amount exceeds a specified limit. Tax audit is conducted by a chartered accountant only.
However, a good tax audit is believed for tax purposes to make sure that the books of account and other records are properly sustained by the taxpayer reflecting the taxpayer's income, and that claims for deduction are made correctly.
The taxpayers/individuals or corporates who are subject to income tax audits are required to get their accounts, balance sheet, and profit and loss account, audited by a chartered accountant.
What are the required forms for tax auditing?
The Income Tax Rules 2014 (7th Amendment) has made some modifications to the forms required for income tax audit compliance. The Central Board of Direct Taxes (CBDT) has revised Forms 3CA, 3CB, and 3CD.
Form 3CA (Audit Form) and Form 3CD (Statement of Particulars) are to be filled and submitted whenever any individual, business person or professional get their account audited under any law except the income tax act.
Form 3CD is to be filled and submitted whenever any individual/businessperson/professional gets their account audited only under the Income Tax Act, then they need to use Form 3CB (Audit Form).
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