Tax Audit Report Deadline Today: Who Must File By October 21 And What Happens If You Miss It?

Tax audit deadline is today, October 21. (File Photo)

The deadline to submit tax audit reports for Assessment Year (AY) 2026-27 is on Wednesday, October 21, 2026, following an extension from the original September 30 date. Businesses, professionals and other taxpayers covered by the audit provisions must ensure their reports are filed by the revised deadline. The deadline for filing income tax returns for taxpayers subject to tax audits has also been extended. They now have until November 21, 2026, to submit their returns, allowing additional time after completing the audit-report filing process.

However, the tax audit requirement does not apply to everyone earning income from a business or profession. Eligibility depends on turnover, gross receipts, the nature of the taxpayer's activities and other conditions prescribed under the Income-tax Act.

Tax Audit Deadline: Who Is Required To File?

For businesses, a tax audit is generally mandatory when annual sales, turnover or gross receipts exceed Rs 1 crore. The threshold can rise to Rs 10 crore if both cash receipts and cash payments do not exceed 5 per cent of the respective total amounts, subject to applicable conditions.

Professionals face a separate threshold. A tax audit is generally required when their…

Original source: https://www.timesnownews.com/business-economy