INCOME TAX28 Sept 2026
Tax audit due date remains Sept 30: No extension yet — Here's how much penalty you could face for late filing | Mint
The September 30 tax audit report deadline stays, with no extension announced yet. Tax professionals had asked for October 31. It affects businesses with turnover above ₹1 crore and professionals above ₹50 lakh gross receipts. Miss it and a Section 271B penalty of 0.5% of turnover may apply, plus interest under Section 234A if the return is late. Late filing can also affect carrying forward certain losses.
Key Statutory Highlights
- No extension has been granted for the September 30 tax audit report deadline, though tax professionals and industry associations had asked for October 31.
- The penalty under Section 271B is 0.5% of total turnover or gross receipts, and Section 273B gives relief where the taxpayer can prove a reasonable cause.
- For businesses, a tax audit is generally required if profits exceed ₹1 crore, going up to ₹10 crore where cash receipts and payments are under 5%; for professionals the limit is ₹50 lakh in gross receipts.
Actionable Advice for Taxpayers / Founders:Ask your chartered accountant to start the audit and reconciliations right away, so you can try to submit the report by September 30 and reduce the risk of a penalty.
Statutory Disclaimer: TaxQue Shorts are AI-assisted editorial briefs for compliance awareness. This brief has not passed every source check; confirm the original notification before acting. This does not constitute formal legal or CA counsel.
TaxQue News Desk
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