Extended Due Date for Filing Audit Report U/S 44AB for FY 2023-24 (AY 2024-25)

 Taxpayers, take note! The due date for filing your audit report under Section 44AB for the financial year 2023-24 has been extended to October 7, 2024. This extension is applicable to both corporate and non-corporate assessees who are required to submit their income tax returns by October 31, 2024, for the assessment year 2024-25. The extension comes as per Circular No. 10/2024, issued on September 29, 2024.

Why Is Section 44AB Important?

Under Section 44AB of the Income Tax Act, certain taxpayers, including businesses and professionals, must undergo a tax audit to ensure compliance with the provisions of the law. This audit ensures the correctness of income, claim deductions, and fulfillment of statutory obligations.

Failure to comply with the tax audit requirements can result in penalties under the Income Tax Act. Therefore, it is crucial for businesses and professionals to file their audit reports before the extended due date.

Who Needs to File an Audit Report U/S 44AB?

  1. Business entities whose total sales, turnover, or gross receipts exceed ₹1 crore in the previous financial year.
  2. Professionals whose gross receipts exceed ₹50 lakh.
  3. Individuals opting for presumptive taxation under Section 44AD whose total turnover exceeds ₹2 crore.
  4. Certain other assessees as specified by the tax regulations.

Key Points to Remember:

  • The audit report must be submitted electronically through Form 3CA/3CB and Form 3CD.
  • The tax audit is a thorough check by a Chartered Accountant, ensuring that the financial statements are free from misrepresentation.

Avoid Penalties

Failure to file the audit report by the due date can result in penalties under Section 271B, which could be 0.5% of the total turnover or gross receipts, subject to a maximum of ₹1.5 lakh. Therefore, it's advisable to ensure timely filing to avoid any unnecessary financial strain.

How Can Taxla Help?

At Taxla, we provide comprehensive tax audit services to ensure that your filing is done on time and without errors. Our team of expert tax practitioners is equipped to handle the most intricate tax filing requirements, saving you from the hassle and risk of penalties.

📞 Contact us today: +91 9600076134 / 6374812546
📧 Email: auditsiva2@gmail.com
🌐 Visit us: www.taxlaservices.com
📍 Address: 19, SBI Colony 3rd Street, Saligramam, Chennai - 600093

Let Taxla take care of your tax audit compliance so you can focus on your business!

#TaxAudit #Section44AB #ExtendedDueDate #IncomeTaxCompliance #TaxFiling #CorporateTax #NonCorporateTax #TaxlaServices #ProfessionalTaxHelp #AvoidPenalties


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