The Central Board of Direct Taxes (CBDT) extends the due date for filing various reports of audit for the Assessment Year 2022-23 under the Income-tax Act, 1961. CBDT extends the due date for filing various reports of audit for the Assessment Year 2022-23 under the Income-tax Act,1961.

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. 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 percent of the total sales, turnover, or gross business receipts or Rs 1,50,000.

Considering the Difficulties being faced by the taxpayers and other stakeholders in filing the various reports of the audit for the Assessment year 2022-23, CBDT has decided to extend the Due date for the A.Y 2022-23 which was 30th Sep 2022 till 7th Oct 2022.

Important Points To be Noted

• October 7th,2022  is the last day for income tax audit report filing.
• The tax audit takes place under Section 44B.
• As per section 271B of the Income Tax Act, 1961, any delay in compliance may attract a penalty.