Section 44AB of the Income Tax Act, 1961 deals with the audit of the accounts of a certain category of the person carrying on a business or engaged in a profession. The class of taxpayers listed under this section compulsorily have to get their accounts audited by a Chartered Accountants before the Last Date of Income Tax Audit.
A Tax Audit determines whether financial records and transactions are correctly recorded and accounted for. This ensures that the records reflect the taxpayer’s actual income and that the claims for deductions made are accurate.
Last Date of Income Tax Audit For AY 2021-22
For every year, the due date of furnishing the tax audit report is 30th September of the subsequent year. For AY 2021-22, to mitigate the difficulties faced by taxpayers due to the ongoing COVID-19 pandemic, the last date of the Income-tax audit report has been extended to 15th February 2022.
First Extension- ‘The CBDT vide Circular no. 09/2021: dated 20th May 2021, extended the due date of furnishing of Report of Statutory Audit under any provision of the Act for the assessment year 2021-22, from 30th September 2021 to 31st October 2021.“
Second Extension- ‘The CBDT vide Circular no. 17/2021: dated 09th Sep 2021, extended the due date of furnishing of Report of Statutory Audit under any provision of the Act for the assessment year 2021-22, from 31st October 2021 to 15th January 2022.”
Third Extension- ‘The CBDT vide Circular no. 01/2022: dated 11th Jan 2022, extended the due date of furnishing of Report of Statutory Audit under any provision of the Act for the assessment year 2021-22, from 15th January 2022 to 15th February 2022“.
|Particulars||Year||Original Due date||Extended Due date|
|Tax and Statutory Audit Report||FY 2020-21|
Tax Audit Due Date Extended Notification/Circular For AY 2021-22
The Income Tax Department extends timelines of certain compliances, to mitigate the difficulties faced by taxpayers due to the ongoing COVID-19 pandemic. For this purpose, CBDT issued “Circular No. 01/2022: Dated 11th January 2022“, it can be viewed and downloaded from here-
- Revised Income Tax Audit Limit For AY 2022-23: Know about the Tax Audit u/s 44AB of The Income Tax Act
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Disclaimer: The information contained in the above article are solely for informational purpose after exercising due care. However, it does not constitute professional advice or a formal recommendation. The author does not own any responsibility for any loss or damage caused to any person, directly or indirectly, for any action taken on the basis of the above article.
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Compiled by- CA Chirag Agarwal (Practicing Chartered Accountants)