Tax Audit for Diagnostic Centre

The penalty for late filing of a Tax Audit for Diagnostic Centre is Rs. 1000 per month, or part of a month, for the delay, up to a maximum of Rs. 5000.

The due date for filing the tax audit report is 31st October of the assessment year following the financial year for which the audit is being conducted.

For example, the due date for filing the tax audit report for the financial year 2022-23 is 31st October 2023.

However, there are certain circumstances under which the due date for filing the tax audit report can be extended. These circumstances include:

1. The assess is unable to file the report due to circumstances beyond their control, such as a natural disaster or a strike.

2. The assess has filed an application for extension of time with the Income Tax Department before the due date.

3. The Income Tax Department may grant an extension of time for filing the tax audit report, but the maximum extension that can be granted is six months.

If the assesse fails to file the tax audit report even after the extension has expired, they will be liable to pay a penalty of Rs. 5000.

Here are some additional things to keep in mind about the tax audit report for diagnostic centers:

1. The audit must be conduct by a chartered accountant who is register with the Institute of Chartered Accountants of India (ICAI).

2. The audit report must be submit in Form 3CA or Form 3CB, depending on the turnover of the diagnostic center.

3. The audit report must be accompany by a statement of particulars, which is a detailed summary of the financial transactions of the diagnostic center.

To visit: https://www.mca.gov.in/

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