Income tax department has not extended the deadline for income tax audit under section 44AB. This means that now individuals with business or professional incomes above a specified turnover must pay the penalty for not submitting audit report and then file the ITR by October 31.
An income tax audit is a regulatory requirement for certain categories of individuals and businesses. How as a good practice, certain things must be known by the individual liable for tax audit. This will help make sure that a correct tax audit report is being sent to the income tax department.
There are various documents which an individual has to maintain following specific accounting principles and format in order to successfully complete an income tax audit. Further in cases of certain specified professionals like medical, legal, engineering, etc some additional documents are also required to be maintained in addition to the list of documents required for income tax audit.
The Income Tax Act, 1961 has mandated certain taxpayers to get their books of accounts audited and submit a tax audit report by September 30. This audit is different from audit done under any other Act like Companies Act, 2013, etc. Read here to know who is required to get their accounts audited for income tax purposes.