Failing to file a tax audit report on time can attract heavy penalties.

Tax Audit Due Date 2025: As the ITR season 2025 is going on, with the due date for audit report being September 30, taxpayers are required to get their books of accounts audited by this date to file their income tax return (ITR) for FY 2024-25. For businesses and professionals, understanding the tax audit due date is critical to avoid penalties and ensure timely filing.

Who Needs To Get Their Accounts Audited?

Under Section 44AB of the Income Tax Act, certain categories of taxpayers are required to get their accounts audited by a chartered accountant and submit the audit report along with their income tax return. These include:

• Businesses with annual turnover exceeding Rs 1 crore (Rs 10 crore for businesses under the presumptive taxation scheme with 6%-8% presumptive income). Also, for businesses with cash receipts and payments up to 5%, the annual turnover limit for audit is Rs 10 crore.
• If a business opted for presumptive taxation last year but reports a loss this year, it must get its accounts audited regardless of turnover.
• Professionals earning gross receipts above Rs 50 lakh in a financial year.
• Persons covered under special provisions, such as those opting for the presumptive taxation scheme under Sections 44AD, 44ADA, or 44AE, if their turnover exceeds the prescribed limits and they choose to maintain detailed books of accounts.

For the financial year 2024-25 (assessment year 2025-26), the tax audit report is required to be submitted by September 30, 2025. Following this, the ITR must be filed by October 31, 2025. These dates are applicable for businesses and professionals. For non-audit ITRs, the final deadline was September 16.

What Happens When You Fail To File Tax Audit Report?

Failing to file a tax audit report on time can attract heavy penalties. Section 271B stipulates a penalty of 0.5% of total turnover or gross receipts, subject to a maximum of Rs 1.5 lakh. Timely compliance not only avoids fines but also ensures smooth processing of income tax returns and refunds.

Chartered Accountants and tax experts advise taxpayers to reconcile accounts, verify all receipts and payments, and maintain proper documentation. With the tax audit deadline approaching, businesses and professionals are urged to review their financial records and plan submissions carefully.