ITR filing: Deadline to file income tax returns with audit reports for AY 2022-23 extended to November 7; know details

The Central Board of Direct Taxes (CBDT) has extended the due date for filing income tax returns (ITRs) by corporate and individuals whose accounts need to be audited, to November 7, 2022. Earlier the due date of filing ITR for these assessees was October 31, 2022.

The CBDT had last month extended the deadline for filing audit reports. Hence, it has now extended the due date for filing income tax returns. In a notification issued on October 26, 2022, the apex body said, “In consequence of the extension of due date for various reports of audit in the case of assessees referred in clause (a) of Explanation 2 to sub-section (I) of section 139 of the Act to 7th October 2022 by Circular No. 19/2022 dated 30.09.2022, Central Board of Direct Taxes (CBDT), in the exercise of its powers under Section 119 of the Income-tax Act,1961 (Act), extends the due date of furnishing of Return of Income under sub-section (1) of section 139 of the Act for the Assessment Year 2022-23, which is 31st October 2022 in the case of assessees referred in clause (a) of Explanation 2 to sub-section (I) of section 139 of the Act, to 07th November 2022.”

The extended due date is applicable to all taxpayers where audit is required, said Sujit Bangar, Founder, Business who are required to get their books audited, either under an income tax audit or under any statutory audit will now get an additional seven days to file their tax return, said Ankit Jain, Partner, Ved Jain & Associates.

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However, for majority of individual taxpayers, the last date for filing income tax return for AY 2022-23 was July 31,2022.

How will this move benefit income taxpayers?

Commenting on the move, Aarti Raote, Partner, Deloitte India said, “This is a welcome and thoughtful move by the government. By extending the due date by a week, the taxpayers as well as their accountants have been provided additional time to ensure they provide requisite audit reports and pay taxes within the due date. This will help avoid the penalty levy and protect carry forward of losses if any.”

“Given the festive season, this will be a relief to the business community as they will get seven more days to review their return,” Jain said.

What is income tax audit report?
Income Tax Audit is an examination of the books of accounts of a taxpayer to review whether the provisions of the Income-tax Act, 1961 have been complied with, Jain added. Certain income tax assessees have to file a tax audit report while filing their income tax return. The report of the tax audit conducted by the chartered accountant is to be furnished in the prescribed form. These income tax assessees file form 3CA-3CD or form 3CB-3CD, as may be applicable. Form 3CA-3CD applies to those who need to file tax audit reports in compliance with a law other than the Income Tax Act. Form 3CB-3CD is for those who have to comply with the provisions of the Income Tax Act. A qualified chartered accountant registered on the income tax e-filing portal can authorise these forms.

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Do note that the due date for filing of transfer pricing audit certificates which are due on October 31 has not been extended. “These are mostly filed by multi-national organisations. Such businesses will still need to file their return by October 31, 2022” Jain said.

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