Income tax audit compliance deadline today: Key points for taxpayers
What's the story
The extended deadline for income tax audit compliance ends today. This includes pending tax filings, required audit reports, or other applicable tax reporting obligations. The Central Board of Direct Taxes (CBDT) had earlier pushed the deadline for various income-tax audit reports and certificates from September 30 to today. Taxpayers and tax professionals are advised to check the applicability of each form and complete relevant filings by end of day.
Filing requirements
Other forms due today
Today's deadline also applies to the filing of audit reports under Section 44AB for eligible corporate and non-corporate assessees.
Other requirements include the submission of audit reports in Forms 10B or 10BB by eligible funds, trusts, institutions, universities, educational institutions, hospitals or other medical institutions.
Taxpayers must also furnish a certificate in Form 10-IJ for specified Category III Alternative Investment Funds (AIFs) claiming exemption under Section 10 (23FF).
Additional submissions
Forms related to eligible deductions
Further, taxpayers are required to file audit reports in Form 10CCB for eligible deductions under Sections 80-I, 80-IA, 80-IB and 80-IC.
Audit reports in Form 3AC for deductions under Section 33AB and Form 3AD for deductions under Section 33ABA are also due today.
Taxpayers must file Form 10DA to certify claims related to additional employee costs under Section 80JJAA.
Tax obligations
Other statements and reports due today
Other tax reports and statements due today include Form 29C for computing Adjusted Total Income and Alternate Minimum Tax; Form 66 for tonnage companies; Form 3AF for specified expenses; and Form 3AE under Section 35D(4).
Chartered accountant associations and tax professionals had earlier requested an extension from the Centre, citing the workload involved in completing audits and reconciling financial/tax-related information.