Oct 09, 2018
CBDT extends deadline for filing ITRs with audit reports to Oct 31, 2018
The government today extended the deadline by a fortnight till October 31 for filing Income Tax return (ITR) and audit report for financial year 2017-18 (AY 2018-19).This is the second extension within a fortnight of the Central Board of Direct Taxes (CBDT), earlier extending the deadline for tax payers whose accounts have to be audited from September 30 to October 15.Tax audit is a review of accounts of taxpayers with business or profession from an income tax point of view such as incomes, deduction, compliance with tax laws, etc. Taxpayers with turnover exceeding Rs 1 crore in business (not opted for presumptive taxation scheme) or whose gross professional income is over Rs 50 lakh need to get a tax audit done. Tax audit report needs to be filed on or before the 30 September of the subsequent financial year in case of taxpayers.