Income Tax Return Filing & Audit Due Dates for Assessment Year 2023-24

Filing income tax returns and adhering to audit deadlines is a crucial part of every taxpayer’s financial responsibilities. To ensure compliance, it’s essential to be aware of the due dates for the Assessment Year 2023-24. This article provides comprehensive information on various return filing due dates, tax audit thresholds, and the reporting requirements for the upcoming assessment year.

A. Income Tax Return Filing Due Dates for Assessment Year 2023-24

B. Other Filing Due Dates for Assessment Year 2023-24

C. Threshold limit for Tax Audit for the Assessment Year 2023-24

(a) A person carrying on business: If his total sales, turnover or gross receipts (as the case may be) in business for the year exceed or exceeds Rs. 1 crore. (Refer note below)

Note: The threshold limit, for a person carrying on business, is increased from Rs. 1 Crore to Rs. 10 crores in case when cash receipt and payment made during the year do not exceed 5% of total receipt or payment, as the case may be. In other words, more than 95% of business transactions should be done through banking channels.

(b) A person carrying on profession: if his gross receipts in profession for the year exceed Rs. 50 lakhs.

(c) An assessee who declare profit for any previous year in accordance with section 44AD​ and he decreases profit for any of one 5 assessment year relevant to the previous year succeeding such previous year lower than the profit computed as per section 44AD​ ​ and his income exceeds the amount which is not chargeable to tax. ​If an eligible assessee opts out of the presumptive taxation scheme, within the aforesaid period, he cannot choose to revert back to the presumptive taxation scheme for a period of five assessment years thereafter.

​(d) A person who is eligible to opt for the presumptive taxation scheme of section 44ADA but he claims the profits or gains for such profession to be lower than the profit and gains computed as per the presumptive taxation scheme and his income exceeds the amount which is not chargeable to tax.

D. Threshold limit for Report to be furnished in Form 3CEB for the Assessment Year 2023-24

Form 3CEB is applicable to companies that engage in international and specified domestic transactions with any associated enterprise. Businesses have to file this form irrespective of the value of international transactions, but for domestic transactions, only if the value exceeds Rs. 20 crore in a fiscal year.

Conclusion: Understanding the due dates for income tax return filing and tax audits is crucial for all taxpayers. Non-compliance can lead to penalties and legal complications. Additionally, businesses engaged in international or specified domestic transactions must be aware of the threshold for reporting in Form 3CEB. By staying informed and meeting these deadlines, taxpayers can ensure a smooth and hassle-free assessment year in 2023-24.