Income Tax Audit Report Last Date: 2023 Extension Sparks Intrigue

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What Is Audit Report?

Definition: The audit, a cerebral pursuit, entails the meticulous scrutiny and meticulous examination of diverse volumes of financial accounts, orchestrated by a discerning auditor. This intellectual voyage is complemented by the tactile examination of inventory, thereby ensnaring a comprehensive panorama to ensure the fidelity of the documented transactional chronicles. This solemn rite, in essence, serves as the litmus test, an arbiter of veracity, to validate the verisimilitude enshrined within the financial statements proffered by the organization.

Description: The audit, a solemn rite, takes on multifarious visages, whether orchestrated from within the organizational echelons by its internal sentinels or, with equal solemnity, bestowed upon external custodians, often independent auditors or external firms. The central tenet remains: to embark upon a metrical journey, tracing the sinuous contours of the accounts’ labyrinthine pathways, ensuring an untarnished pantheon of truth, free from any specters of misrepresentation or veiled stratagems of fraud.

In the grand theater of financial stewardship, every public-listed corporation is enjoined, as an incontrovertible mandate, to subject its voluminous tomes of financial history to the discerning gaze of an independent auditor, ere they unfurl the banner of results for any given fiscal quarter.

Who assumes the mantle of this audit exegesis? In the Indian milieu, the hallowed mantle befits the chartered accountants, custodians of sagacious wisdom belonging to the esteemed Institute of Chartered Accountants of India (ICAI). Across the vast Atlantic expanse, the United States entrusts this solemn charge to the imminently qualified Certified Public Accountants (CPAs).

In the labyrinthine choreography of auditing, four cardinal movements are discernible. The overture, its prologue, entails the solemn ascription of the auditor’s role and the meticulous delineation of the terms of engagement, encapsulated within a sanctified epistle, duly sealed by the client’s imprimatur.

The ensuing movement, ‘Audit’s Overture,’ unfurls the grand design, sketching the contours of temporal boundaries and the comprehensive landscape that the auditor shall traverse. Shall the inquiry’s focus be a solitary department or the expansive embrace of the entire organization? The chronology of the audit’s ministrations, be it a fleeting pas de deux or a prolonged operatic interlude, hinges on the audit’s intrinsic nature.

Subsequently, the diligent task of assimilating the gleaned wisdom commences. As the auditor peruses the financial treatises and inspects the hallowed parchment bearing the financial gospel of a corporate entity, the findings therein coalesce into a magnum opus, an illuminated manuscript or a meticulously compiled treatise, worthy of a scholar’s acclaim.

The curtain descends on this symphonic audit, its crescendo resounding in the form of a resplendent epistolary account, the auditor’s opus. Herein, the august results, anointed with the seal of authenticity, find their sanctuary within the hallowed pages of the auditor’s report, an eternal testament to fiscal veracity.”

Let this reimagined tapestry unfurl, each word a brushstroke on the canvas of comprehension, forging a symphony of intellect in the pursuit of elucidation.

Income Tax Audit Report Last Date:

In this article You know about Income Tax Audit Report Last Date: If you need to have your books audited, make sure to submit the tax audit report by September 30 of the relevant assessment year.

So, if you earned business or professional income in the fiscal year 2022-23 (Assessment Year 2023-24) that exceeds the audit threshold, you should get your audit done by September 30, 2023. Don’t forget to upload the income tax audit report to the ITR portal by the same date.

But, there’s good news! The Central Board of Direct Taxes (CBDT) has extended the deadline for submitting income tax audit reports. If you’re part of a fund, trust, educational institution, university, hospital, or a medical organization, you now have until October 31, 2023, for the financial year 2022-23.

Originally, you were supposed to submit your audit report by September 30, 2023, as per the Income-tax Act, 1961. However, the CBDT has given everyone an extra month, so the new deadline is October 31, 2023. This decision was announced in a circular dated September 18, 2023.

Now, here’s why this matters: Charitable trusts, educational institutions, universities, and hospitals that are eligible for Income Tax exemption need to file Form 10B/Form 10BB if they are subject to a tax audit under the Income Tax Act. These new rules and forms came into play on April 1, 2023, but you could only start filing them at the end of August 2023. To make things easier for taxpayers, the CBDT extended the deadline from September 30, 2023, to October 31, 2023. This update comes from Chartered Accountant Mihir Tanna, who works at S.K. Patodia and Associates, a Chartered Accountancy firm based in Mumbai.

What is the last date for ITR filing with audit report?

The last day to submit your Income Tax Return (ITR) on the e-filing ITR portal is October 31, 2023. This is especially important if you’re someone who needs to do a tax audit under section 44AB. This section applies to individuals with business or professional income above a certain limit.

If you don’t upload your income tax audit report when you file your ITR, your ITR will be considered defective. But please note that if you have to do a tax audit under a different section, the deadline for ITR filing is different.

Let’s say you’re an individual with business or professional income above a certain limit, and you have to undergo a tax audit under section 44AB for the financial year 2022-23 (Assessment Year 2023-24). You need to get a tax auditor to check your financial records and upload the audit report by September 30, 2023. After that, you must file your ITR by October 31, 2023.

To put it simply, according to Chartered Accountant (CA) Ashish Niraj, Founder and Partner of A S N & Company, a Chartered Accountancy firm in Delhi, “Usually, people whose financial records need auditing due to their significant business or professional income should file ITR-3 by October 31 of the relevant assessment year. But remember, before you file your ITR, make sure your tax audit report is uploaded by your tax auditor by September 30, 2023, for the financial year 2022-23 (Assessment Year 2023-24).

“If you’re a charitable trust, an educational institution, a university, or a hospital that meets certain requirements, you’ll need to fill out a form called ITR 7. This form has to be submitted one month before the deadline for filing your ITR (Income Tax Return). The deadline for ITR-7 has been extended to November 30, 2023, instead of the earlier date, which was October 31, 2023,” explained Tanna.

ITR-7 is used by organizations that have to file their ITR according to specific sections of the Income Tax Department’s rules, like sections 139(4A), 139(4B), 139(4C), or 139(4D).

Income Tax Audit Report Last Date