Tax Audit & Filing
One should understand that the return you are filing currently is for the income earned during the Financial Year 2021-22 (01 April 2021 to 31 March 2022). The Assessment year will be the year in which you file your returns and declare to the Income Tax Department.
What is TAX AUDIT
Nature of Business or Profession
Category
of
Taxpayer
When is the
audit
mandatory?
Any professions
Any
If gross receipts from the profession during the relevant previous year exceed Rs. 50 lakhs.
Business
Both payment and receipt in cash do not exceed 5% of the total receipts and payment, respectively.
If total sales, turnover or gross receipt from the business during the previous year exceeds Rs. 10 crores.
Business
Either payment or receipt in cash exceeds 5% of the total receipts and payment, respectively.
If total sales, turnover or gross receipt from the business during the previous year exceeds Rs. 1 crore
Income Tax Filing Due Dates
For FY 2021-22 :
30 Sept 2022
Tax Audit Report
(Other than Transfer Pricing)
30 Nov 2022
ITR Filing of transfer pricing cases
31 Dec 2022
Belated or Revised return filing (for FY 2021-22)
31 Oct 2022
Transfer Pricing Report (undertaken International or Specified Domestic Transactions)
31 Oct 2022
ITR Filing (for tax audit cases without transfer pricing)
