audit date for ay 2024 2025
The audit date for the assessment year (AY) 2024-2025 will vary depending on the type of entity and its tax-related obligations. Here are some key points to consider:
Individuals (Non-Business Entities): For individual taxpayers who do not have business income, the due date for filing income tax returns (ITR) is typically July 31st of the assessment year. There is generally no requirement for a tax audit for individual taxpayers.
Business Entities: Business entities, including companies, firms, and professionals, may be subject to tax audits depending on their turnover and other criteria. The audit date for AY 2024-2025 will depend on the specific provisions of the Income Tax Act and the entity’s financial year-end.
Tax Audit: If a business entity’s turnover or gross receipts exceed the prescribed limit (usually ?1 crore for businesses and ?50 lakhs for professionals), a tax audit under section 44AB of the Income Tax Act may be required. The due date for filing the tax return with audit reports is typically September 30th of the assessment year.
Transfer Pricing Audit: Companies engaged in international transactions may be required to undergo a transfer pricing audit under section 92E of the Income Tax Act. The due date for filing the transfer pricing report is usually November 30th of the assessment year.
Other Specific Audits: Some entities may be subject to other specific audits under various provisions of the Income Tax Act or other relevant laws. The audit dates for these specific audits will depend on the applicable provisions.
It’s crucial to consult with a qualified tax professional or chartered accountant to determine the specific audit date and compliance requirements for your entity for AY 2024-2025. They will be able to provide you with precise information and guidance based on your entity’s circumstances and the latest tax regulations.,
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audit date for ay 2024 2025
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audit date for ay 2024 2025
This article is only published for informational purposes. Please consult your Chartered Accountant or Financial Advisor before making any important financial decisions.
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