Key Points
The Income Tax Act, 1961 has mandated certain taxpayers to get their books of accounts audited and submit a tax audit report by September 30..
Taxpayers who are mandatorily required to get their accounts audited must get the audit report uploaded on the income tax portal by September 30 every year..
Business Income: A businessman is required to have his accounts audited if the total sales, turnover, or gross receipts from the business during the previous year (i.e. the financial year for which ITR has to be filed) exceeds Rs 1 crore..
Professional Income: A professional, such as a doctor or a Chartered Accountant, is required to have his accounts audited if his gross receipts from the profession for the financial year for which ITR is being filed exceeds Rs 50 lakh...
However, If a professional, as defined in section 44AA reports his income as less than 50 per cent of his/her gross receipts, then they need to get their accounts audited under section 44AB, even if their gross receipts are below the audit threshold limits, i.e., Rs 50 lakh, says Chartered Accountant Astha Gupta, Partner, S.K. Gulati and Associates, a Delhi-based CA firm...
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What is the penalty for not getting income tax audit done when mandatory?
30, Aug, 23An income tax audit report has to be mandatorily uploaded on the income tax return (ITR) portal by September 30 for those who are required to conduct an income tax audit. However even if the deadline is missed, one still has to upload the audit report by paying a penalty.