Due Date of Tax Audit for Real Estate
Due Date of Tax Audit for Real Estate, The threshold limit for tax audit for real estate agents is Rs. 10 crore in the financial year 2022-23 (assessment year 2023-24).
If the cash transactions do not exceed 5% of the total transactions. This is an increase from the previous threshold limit of Rs. 5 crore.
The due date of tax audit for real estates report is 30th September of the assessment year. However, if the taxpayer is also liable for transfer pricing audit, then the due date for filing tax audit is 30th November of the assessment year.
It is important to note that the threshold limit is applicable to the aggregate turnover of all branches of the real estate agent, whether locate in India or outside India.
To visit: https://www.mca.gov.in/
Here are some of the important points to remember about tax audit for real estate agents:
- The tax audit report must be prepare by a chartered accountant or a cost accountant who is register with the Institute of Chartered
- Accountants of India (ICAI) or the Institute of Cost Accountants of India (ICAI), respectively.
- The tax audit report must be submit to the Income Tax Department within the due date.
- Failure to get the accounts audited or to submit the tax audit report on time can result in penalties.
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