Tax Audit Due Date for AY 2023-24: Get more details from inside!

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By Bhargab Kaushik

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.

Tax Audit Due Date for AY 2023-24

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 audited, 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 required 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 filed as of July 31, 53.67 lakh of which were submitted by first-time filers. According to a statement released by the income tax department, there were more than 6.77 crore ITRs for AY 2023–24 submitted as of July 31, 2023, which is 16.1% more than the total ITRs for AY 2022–23 (5.83 crore) filed as of July 31, 2022.

How to Pay Income Tax after the due date?

If you didn’t submit your return or pay your taxes 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.

What Happens if you miss the ITR filing deadline?

  • Interest: 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.
  • Fee for filing late: Section 234F assesses a Rs. 5,000 late fee for late filings. Your annual tax liability will be reduced to Rs. 1,000 if you make less than Rs.
  • Loss Adjustment: 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 lowered 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 by the due date.
  • Belated Return: If you miss the deadline for filing your ITR, you may still submit a return after it has passed. This is referred to as a belated return. However, you cannot carry over any losses for subsequent adjustments, and the interest and late payment penalties will still be your responsibility. The last day to submit a postponed 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.

How to revise income tax returns before the due date?

The first return that was submitted may be amended using the updated return in accordance with Section 139(5). The first return’s submission procedure can be used to submit the modified return as well. However, Section 139(5) mandates that the taxpayer submit the ITR. The entire e-verification process must be finished while amending the return.

How to revise income tax returns after the due date?

The taxpayer may, after the deadline, modify the first return using the updated return under section 139.5. A late return may be filed up until December 31 of the assessment year. 

The taxpayer is not permitted to file any returns after this date has passed. You can still ask for permission from your A.O. to submit earlier returns under Section 119 if an unusual circumstance prevented you from filing 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 audited. 

Waiting for an extension as the deadline approaches is never a good idea. Filing your income tax return has been easier thanks to the ClearTax e-filing service. takes less than three minutes to file yours.

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