The Central Board of Direct Taxes (CBDT) has extended the deadline for submitting certain income-tax audit reports, certificates and forms to Oct. 21. This means that businesses, professionals, companies, trusts and other eligible taxpayers must complete their required audit-related filings by today.
The deadline for filing income-tax returns for this category has also been extended. Earlier, taxpayers had to file their returns by Oct. 31. Now, the revised deadline is Nov. 21.
Who Needs To Submit Income-Tax Audit ?
As per section 44AB, submitting income tax audit report is mandatory for these categories:
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- Businesses with turnover above the prescribed limits (Rs 1 crore, or Rs 10 crore if cash transactions are under 5%)
- Professionals with gross receipts above Rs 50 lakh
- Taxpayers using presumptive taxation whose income falls below the deemed profit rate
- Companies, trusts and institutions that are required to get their accounts audited
For a detailed overview, you can refer to this FAQ by the tax department.
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What Is an Income Tax Audit Report?
An income tax audit report is a formal document prepared by a practicing Chartered Accountant after examining a taxpayer's books of accounts. It certifies that accounts are properly maintained and that income, expenses and deductions are accurately reported.
How Is an Income Tax Audit Report Submitted?
To submit the report electronically, taxpayers and their CAs need to use Form 3CA-3CD/3CB-3CD.
As per the tax department, you need to ensure these conditions are fulfilled:
- Taxpayer and CA are registered on the e-Filing portal with valid user ID and password
- Status of PAN of taxpayer and CA is active
- Taxpayer has assigned CA for form 3CA-CD
- CA and Taxpayer have a valid and active Digital Signature Certificate
Following are the steps to file tax audit report 3CA-3CD/3CB-3CD:
- Step 1: Taxpayer needs to add a Chartered Account to whom he/she wants to assign the form.
- Step 2: After successfully adding CA, the taxpayer needs to assign the tax audit.
- Step 3: After successfully assignment of form to CA, form shall be available in the CA's worklist. The CA will accept or reject the assignment.
- Step 4: CA Fills Form and Generates JSON
- Step 5: CA needs to upload the JSON under Worklist → For Your Action→ Pending for Upload and verify the same using DSC.
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The form uploaded by CA shall be available under Taxpayer's worklist → For Your Action → Pending for Acceptance. Taxpayers may either approve or reject the tax audit report. Form submission will be completed after taxpayer's approval.
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