Tax Audit Deadline: Taxpayers were required to file their tax audit reports by September 30, 2023. The income tax department did not grant an extension, and those who missed this deadline may face penalties.

The income tax return for the fiscal year 2022-23 was due on July 31st. However, the Income Tax Department doesn't just require tax returns from some taxpayers; they also need a tax audit report.

The government's requirement for income tax audits for businessmen and professionals who earn a certain amount shows its commitment to transparency and responsibility in finances. This rule has multiple purposes.