INCOME TAX AUDIT FOR FY 2023-24
The deadline for income tax audit for FY 2023-24 is September 30, 2024. This applies to taxpayers who are required to get their accounts audited under Section 44AB of the Income Tax Act.
Who needs to file an income tax audit?
The following taxpayers are required to file an income tax audit:
- Individuals and Hindu Undivided Families (HUFs) with a total income of ₹50 lakhs or more from profession or business.
- Partnerships with a total income of ₹25 lakhs or more from business or profession.
- Companies with a total income of ₹50 lakhs or more from business or profession.
- Other entities (such as trusts, societies, and co-operative societies) with a total income of ₹25 lakhs or more from business or profession.
If you fall under any of these categories, you must get your accounts audited by a chartered accountant and submit the audit report to the income tax department by September 30, 2024.
Presumptive taxation under Section 44AE: “For taxpayers with income from the business of plying, hiring, or leasing goods carriages, if the presumptive income under Section 44AE is less than the actual income, the taxpayer needs to get their accounts audited if the turnover exceeds Rs 10 lakh.
Note:
- The due date for filing the income tax return (ITR) for taxpayers who are required to get their accounts audited is October 31, 2024.
- If you miss the deadline for filing the audit report, you may be subject to penalties.
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