LatestAccounting And Audit 26 September 2026
Tax Audit Deadline AY 2026‑27: Penalty for Missing Sept 30
Practitioners must file tax audit reports for Assessment Year 2026‑27 by 30 September 2025; missing the deadline triggers a 0.5% turnover penalty capped at ₹1 lakh per return. Extension requests are not true extensions, so penalties still apply, and ICAI limits the number of audits a CA can handle.
Key deadline: Tax audit reports for Assessment Year 2026‑27 must be filed by 30 September 2025. Missing it triggers a penalty of 0.5% of turnover, capped at ₹1 lakh per return.
- No true extension: requests are treated as late filing, so penalties apply.
- ICAI limits the number of audits a practitioner can handle, affecting workload.
For full details, see the original article here.
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