The deadline for filing the tax return for both individuals and corporates that were tax audited pursuant to the Indian tax laws and corporates during FY21-22 was on November 7th 2022. If taxpayers did not submit their tax return, they may still file it, but the late fee will apply.
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In the event of late filing of tax returns tax return, a late tax of Rs. 5,000 is charged according to Yeeshu Sehgal, Head of Tax Market, AKM Global in a conversation with CNBC-TV18.com.
It is crucial to submit your audit reports before the due date or else the penalty will be assessed on the assessment officer in section 271B:
A) 0.5 per cent of the gross sales or the total sales or
B) Rs . 1,50,000.
Whichever is the lower.
Furthermore, in the case the tax return is filed late, return, the loss will not be be carried forward and the interest under 234A will be applicable in addition.
"It is important to remember that taxpayers do not have to be debarred to file the tax return after the due date , and it is possible to file as per the normal requirements, but it's at entirely at the discretion of AO to issue an announcement regarding the penalty. The notice can also be removed in the event that the assessee can provide genuine reasons for delays," said CA Ruchika Bhagat, MD, Neeraj Bhagat & Co.
In the event of filing tax-related income, the deadline (ITR) to be filed for tax year 2022-23 for firms was initially September 30th 2022. In addition extensions were granted to the filing of tax returns. This was initially extended until October 7, and then until October 31, and finally until the 7th of November.
What is an audit for tax purposes?
The idea to conduct a Tax audit was first introduced in 1984 under Indian tax law. It is designed to verify the compliance with the various provisions of the law and is performed through a chartered accountant alone.
The taxpayers that are required to undergo tax audits are required to have the accounts of their business, i.e. the balance sheet and profit and loss account reviewed by a certified chartered accountant.
In addition an properly conducted audit for tax purpose assures that the accounts books as well as other documents are appropriately managed by the tax payer, and that they are accurate in revealing the income of the taxpayer and that deduction claims are filed in a timely manner.
What forms do I need to use the same method?
The chartered accountant performing the tax audit will report hisobservations, findings and observations, etc. In forms of audit reports. Form Nos. 3CA/3CB as well as 3CD.
The format for the audit report as per section 44AB of the law forms Form. 3CB. The prescribed details are required to be recorded on Form 3CB. 3CD.
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