Income Tax Audit Reports to be Submitted by 30 September 2024

The deadline for submitting income tax audit reports via the e-filing portal is fast approaching. Taxpayers required to undergo a tax audit must upload their reports by 30 September 2024. Missing the deadline can result in penalties and delays in filing income tax returns.

What is a tax audit?

A tax audit involves reviewing the accounts of a business or profession from an income tax perspective. It simplifies the process of calculating income for tax return filings.

Who is required to submit a tax audit report?

The Income Tax Act mandates specific individuals and entities to file an audit report. These include:

• Businesses with a gross turnover exceeding ₹1 crore 
• Professionals earning over ₹50 lakh annually 
• Companies, regardless of turnover 
• Taxpayers opting for the presumptive taxation scheme but failing to meet certain criteria.

These accounts must be audited by a Chartered Accountant, who prepares the audit report (Forms 3CA/3CB and 3CD).

How to submit the audit report

• Complete the audit: Ensure your Chartered Accountant prepares the report accurately 
• Log in to the income tax e-filing portal using your credentials 
• Navigate to the upload section for audit reports 
• Choose the correct assessment year 
• Upload the report (Forms 3CA/3CB and 3CD) and follow the instructions 
• Confirm submission.

Tax experts recommend starting the process early. Yeeshu Sehgal, Head of Tax Markets at AKM Global, noted that no major technical issues have been reported so far, but taxpayers should not wait until the last minute to file their reports.

For businesses and professionals navigating tax audits, Vakilsearch offers comprehensive audit services. From working with qualified Chartered Accountants to ensuring timely submission of Forms 3CA/3CB and 3CD, Vakilsearch handles the entire process. Don’t risk penalties—let Vakilsearch streamline your tax audit report submission!

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Akash G Varadaraj

Content Writer at Vakilsearch

I'm Akash. G. Varadaraj, an official content writer at Vakilsearch with over four years of experience. I'm here to simplify complex legal concepts into easily accessible articles that even a layman can understand. As a regular contributor to this news portal, I aim to keep you informed in the dynamic world of law, compliance, taxation, and much more. I ensure that you get to know our Vakilsearch expert's take on every piece of news, how it can help, and what you should do.

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