{"id":16975,"date":"2023-08-30T07:31:26","date_gmt":"2023-08-30T07:31:26","guid":{"rendered":"https:\/\/vibrantfinserv.com\/kb\/?p=16975"},"modified":"2024-05-09T09:10:07","modified_gmt":"2024-05-09T09:10:07","slug":"due-date-of-tax-audit-for-real-estate","status":"publish","type":"post","link":"https:\/\/vibrantfinserv.com\/kb\/due-date-of-tax-audit-for-real-estate\/","title":{"rendered":"What is the threshold limit and due date of tax audit report for Real Estate Agents?"},"content":{"rendered":"<h2 style=\"text-align: center;\"><img loading=\"lazy\" decoding=\"async\" class=\"wp-image-18 alignleft\" src=\"https:\/\/vibrantfinserv.com\/kb\/wp-content\/uploads\/2023\/05\/Logo-Vibrant-FinServ-300x143.png\" alt=\"\" width=\"106\" height=\"50\" srcset=\"https:\/\/vibrantfinserv.com\/kb\/wp-content\/uploads\/2023\/05\/Logo-Vibrant-FinServ-300x143.png 300w, https:\/\/vibrantfinserv.com\/kb\/wp-content\/uploads\/2023\/05\/Logo-Vibrant-FinServ.png 482w\" sizes=\"auto, (max-width: 106px) 100vw, 106px\" \/><img loading=\"lazy\" decoding=\"async\" class=\"alignright\" src=\"https:\/\/vibrantfinserv.com\/kb\/wp-content\/uploads\/2023\/08\/tax-audit.jpg\" alt=\"Due Date of Tax Audit for Real Estate\" width=\"249\" height=\"165\" \/><span style=\"color: #000000;\">Due Date of Tax Audit for Real Estate<\/span><\/h2>\n<p>&nbsp;<\/p>\n<p><span style=\"color: #000000;\">Due Date of Tax Audit for Real Estate,<strong>\u00a0<\/strong>The threshold limit for tax audit for real estate agents is Rs. 10 crore in the financial year 2022-23 (assessment year 2023-24).<\/span><\/p>\n<p><span style=\"color: #000000;\">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.<\/span><\/p>\n<p><span style=\"color: #000000;\">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.<\/span><\/p>\n<p><span style=\"color: #000000;\">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.<\/span><\/p>\n<p><strong><span style=\"color: #000000;\">To visit:<\/span> <a class=\"in-cell-link\" href=\"https:\/\/www.mca.gov.in\/\" target=\"_blank\" rel=\"noopener\">https:\/\/www.mca.gov.in\/<\/a><\/strong><\/p>\n<p>&nbsp;<\/p>\n<p><span style=\"color: #000000;\"><strong>Here are some of the important points to remember about tax audit for real estate agents:<\/strong><\/span><\/p>\n<p><span style=\"color: #000000;\"><img loading=\"lazy\" decoding=\"async\" class=\"wp-image-16452 alignright\" src=\"https:\/\/vibrantfinserv.com\/kb\/wp-content\/uploads\/2023\/08\/31.15.1-itr.webp\" alt=\"\" width=\"151\" height=\"151\" srcset=\"https:\/\/vibrantfinserv.com\/kb\/wp-content\/uploads\/2023\/08\/31.15.1-itr.webp 225w, https:\/\/vibrantfinserv.com\/kb\/wp-content\/uploads\/2023\/08\/31.15.1-itr-150x150.webp 150w\" sizes=\"auto, (max-width: 151px) 100vw, 151px\" \/><\/span><\/p>\n<ul>\n<li><span style=\"color: #000000;\">The tax audit report must be prepare by a chartered accountant or a cost accountant who is register with the Institute of Chartered<\/span><\/li>\n<li><span style=\"color: #000000;\">Accountants of India (ICAI) or the Institute of Cost Accountants of India (ICAI), respectively.<\/span><\/li>\n<li><span style=\"color: #000000;\">The tax audit report must be submit to the Income Tax Department within the due date.<\/span><\/li>\n<li><span style=\"color: #000000;\">Failure to get the accounts audited or to submit the tax audit report on time can result in penalties.<\/span><\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p style=\"text-align: center;\"><strong><span style=\"color: #000000;\">For further details access our website:<\/span> <a class=\"in-cell-link\" href=\"https:\/\/vibrantfinserv.com\/\" target=\"_blank\" rel=\"noopener\">https:\/\/vibrantfinserv.com<br \/>\n<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Due Date of Tax Audit for Real Estate &nbsp; Due Date of Tax Audit for Real Estate,\u00a0The 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\u2026 <span class=\"read-more\"><a href=\"https:\/\/vibrantfinserv.com\/kb\/due-date-of-tax-audit-for-real-estate\/\">Read More &raquo;<\/a><\/span><\/p>\n","protected":false},"author":1,"featured_media":15745,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2540],"tags":[2873,3675,3674],"class_list":["post-16975","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-tax-audit","tag-auditthresholds","tag-realestatetaxdeadline","tag-taxauditinfo"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.9 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Due Date of Tax Audit for Real Estate<\/title>\n<meta name=\"description\" content=\"Due Date of Tax Audit for Real Estate,\u00a0The threshold limit for tax audit for real estate agents is Rs. 10 crore in the financial year 2022-23\" \/>\n<meta name=\"robots\" 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