CBDT extends the deadline to file the tax return for AY 2022-23 to November 7, 2022 for certain categories. t.co/ZQDlqjIVuS Let`s read more about who needs to have their accounts audited before filing a tax return. See also | Were you not able to file a late tax return? You can now use the updated tax return feature On October 26, the Income Tax Department again extended by seven days, from October 30 to November 7, 2022, the deadline for filing the tax return, which requires audit reports for the 2021-2022 fiscal year. This is the third extension for tax filing that requires verification. The original date was September 30, 2022, which has been postponed to October 7. Later, it was extended until October 31 and will be extended again until October 7. November 2022. “While the government has not extended the deadline for non-audit cases this year, the short extension for audit cases due to last week`s vacation has been considered,” Raot said. So what are the reasons for extending the due date for audit cases this year? `The examiner is required to submit an audit report in Form 3CB at the same time as Form 3CD. Form 3CD is a questionnaire in which the auditor must answer several questions about the taxpayer`s accounts, such as the accounting method, the type of accounts kept, the status of compliance with TDS, the types of expenses that should not be admitted as expenditures, etc. The auditor must file this report online, which the taxpayer must agree to before filing their tax return,” Sehgal explained. Under the Income Tax Act, taxpayers who are required to have their accounts audited by an auditor must submit the tax audit report to IT by September 30. While the deadline was extended for the first time from September 30 to October 7, the Central Office of Direct Taxes (CBDT) said in an official statement: “Given the difficulties faced by taxpayers and other stakeholders in filing various audit reports for the 2022-23 tax year, the CBDT has decided to close the deadline for submitting various audit reports for the 2022-23 tax year.
lengthen. It was from September 30, 2022 to October 7, 2022. This time, the CBDT presented no reason for its decision to extend the deadline. The deadline for filing tax audit reports for fiscal year 2021-22 has been extended by 7 days. “Anyone who carries out activities WHERE the total turnover exceeds Rs 1 crore must carry out an audit. However, if the sum of such sales or payments received (as the case may be) in cash does not exceed 5% of the total amount, the threshold required for an audit is Rs 10 crore,” Sehgal said. In addition, any person exercising a profession, if the gross income of such a profession exceeds Rs 50 lakh, a tax audit is required. The report on the tax inspection carried out by the auditor must be submitted in the prescribed form.
The required form for the audit report relating to the audit carried out in accordance with Article 44AB is Form 3CB and the required information must be provided in Form No. 3CD. Press Trust of India | New Delhi Last updated on 30. Sep 2022 23:17 IST CBDT extends the deadline for submitting various audit reports for the 2022-23 assessment year from September 30, 2022 to October 7, 2022 for certain categories of evaluators. Circular No. 19/2022 of 30.09.2022 pic.twitter.com/QoKpaFRXwV the CBDT in its Circular No. 19/2022 the CBDT in its Circular No. 19/2022. 20/2022 of 26 October 2022 stipulates: “Following the extension of the due date of various audit reports in the case of the evaluators referred to in Article 139, paragraph (a) of Explanatory Note 2 of paragraph (1) of the Law, until 07 October 2022 by Circular No. 19/2022 of 30.09.2022, Central Council of Direct Taxes (CBDT), in exercising its powers under section 119 of the Income Tax Act, 1961 (Act), extends the deadline for submitting a refund of income under subsection (1) of section 139 of the Act for the 2022-2023 taxation year, that is, the 31st anniversary of the 2022-2023 census year. October 2022 in the case of evaluators referred to in section (a) of Explanatory Note 2 to subsection (1) of section 139 of the Act, is dated November 7, 2022.
Given the difficulties and expenses that a small entrepreneur or marginal trader has to bear in keeping books and having them checked, there is the alleged system of taxation. The plan is defined in three sections – 44AD, 44ADA and 44AE – of the Income Tax Act 1961, depending on the type of business and occupation. A person who accepts this system when filing a tax return can report income at a fixed prescribed rate. Those who choose this system to file their taxes are not required to keep books or have them audited. However, an “audit” is required for individual taxpayers who engage in business activity and opt for deemed taxation in certain situations, such as when their profits are below the prescribed limit, or losses when turnover exceeds Rs 1 crore, etc.