Tax Audit Due Date For AY:- The Form 10B/10BB and ITR-7 filing deadlines will be extended until October 31, 2023, according to a CBDT announcement made on September 18, 2023, the Tax Audit Due Date for AY 2023–24.
The Central Board of Direct Taxes (CBDT) announced in a circular that the deadline for submitting audit reports in Form 10B/Form 10BB for the fiscal year 2022–2023 has been extended from 30 September to 31 October 2023. The initial deadline of October 31, 2023 has been changed to November 30, 2023 for the submission of the Return of Income in Form ITR-7 for the Assessment Year 2023–24.
Latest News:- CBDT announced on September 18, 2023, the Tax Audit Due Date for AY 2023-24 that the Form 10B/10BB and ITR-7 filing deadlines will be extended until October 31, 2023.
Tax Audit Due Date For AY 2023-24
Trusts must file their returns for the fiscal year 2022–2023 by the 31st of July 2023, even if an audit of their accounts is not necessary. If the trust’s finances need to be audit, the Tax Audit Due Date For AY 2023–24 is October 31, 2023, at which point you must file your income tax return (ITR). The deadline for filing the income tax return is November 30, 2023, in the case that the trust is require to make a report on Form No. 3CEB in accordance with Section 92E.
India broke all previous records for individual income tax returns (ITRs) during FY 23–24. For the Tax Audit Due Date for AY 2023–24, a record 6.77 crore income tax returns had been file as of July 31, 53.67 lakh of which were submit by first-time filers. According to a statement release by the income tax department, there were more than 6.77 crore ITRs for AY 2023–24 submit as of July 31, 2023, which is 16.1% more than the total ITRs for AY 2022–23 (5.83 crore) file as of July 31, 2022.
Tax Audit Due Date For AY 2023-24 Details
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What Happens If You Miss The ITR Filing Deadline?
If you submit your return after the due date, Section 234A mandates that you pay interest at a rate of 1% per month (or fraction thereof) on the amount of unpaid taxes.
Section 234F assesses a Rs. 5,000 late fee for late filings. Your annual tax liability will be lower to Rs. 1,000 if you make less than Rs.
You can carry losses forward and deduct them from your income the next year if you suffer losses from investments in stocks, mutual funds, real estate, or any of your businesses. Your future tax burden will be greatly lower if you make use of this provision. On the other side, you won’t be able to carry these losses forward if you don’t submit your ITR before the due date.
If you miss the ITR filing deadline, you are still allow to submit a delay return. However, you cannot carry over any losses for subsequent adjustments, and the interest and late payment penalties will still be your responsibility. The Tax Audit Due Date For AY 2023–24 to submit a postpone return for the assessment year is December 31st, barring a government extension. As a result, you have until December 31, 2023 to submit the late return for this year.
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How To Revise Income Tax Returns After The Due Date?
The taxpayer may, after the deadline, modify the first return using the update return under section 139.5. A late return may be file up until December 31 of the assessment year.
The taxpayer is not permit to file any returns after this date has pass. You can still ask for permission from your A.O. to submit earlier returns under Section 119 if an unusual situation prevent you from submitting the return.
Who Needs To Get An Income Tax Audit Report?
Any professional making more than Rs 50 lakh per year and any business making more than Rs 1 crore per year must have their taxes audit.
Waiting for an extension as the deadline approaches is never a good idea. Filing your income tax return has been easier thanks to the Clear Tax e-filing program. takes less than three minutes to file yours.
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How To Pay Income Tax After The Due Date?
If you didn’t submit your return or pay your Tax Audit Due Date For AY 2023–24 by the deadline, you can still do so now. On the other hand, submitting an ITR will result in interest and a late filing penalty being applied. The penalty for submitting the return after the deadline is five rupees. If the person’s total annual income is less than Rs. 5 lakh, the fee is Rs 1,000.
Tax Audit Due Date For AY 2023-24 FAQ’S
Is the IT return date extend for 2023?
The due date of furnishing of Return of Income in Form ITR-7 for Assessment Year 2023-24, which is 31.10.2023 is also extend to 30.11.2023. CBDT Circular No. 16/2023 in 225/177/2023/ITA-II date 18.09.2023 issue. The said Circular is available on www.incometaxindia.gov.in.
Is tax audit due date extend?
The Tax Audit report through form 10B/10BB for fund or trust or institution or any university or other educational institution or any hospital or other medical institution, or for charitable or religious trusts or institutions for FY 2022-23 is due on 30th September 2023 is now extend to 31st October 2023.
What is the last date for ITR filing with audit report?
The last date for submitting ITR on the e-filing ITR portal is October 31, 2023, for those who are liable to conduct tax audit under section 44AB i.e. individuals with business or professional income above a specific threshold.