Tax Audit Report Deadline: File by September 30 or Face Penalties

While there are special concessions for digital transactions, failure to follow these rules will result in a penalty. The last date for this is September 30.

Income Tax Deadline

Under Section 44AB of the Income Tax Act 1961, certain taxpayers must file an audit report. The government has set the deadline for this as September 30.

Audit Report

A business with turnover over Rs. 1 crore must file a tax audit. This limit is raised to Rs. 10 crore if 95% of transactions are digital, promoting cashless payments.

September 30

Professionals like doctors and lawyers earning over Rs. 50 lakh/year must file an audit. Those under the presumptive tax scheme (Sec 44ADA) showing lower income also need one.

Digital Transaction

Only some entrepreneurs can use this scheme where 50% of income is deemed revenue. Cash transactions must not exceed 5%. This helps small businesses and professionals.

Professionals Tax

If you claim a lower actual income, you must maintain books and file an audit report. Non-compliance will lead to penalties and legal action.