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Approval of tax audit report

The Department of Income-tax (Systems) has noticed that a large number of tax audit reports have been uploaded by Chartered Accountants but the same have not been approved by the assesses under their digital signatures. The Department is already issuing SMS reminders to taxpayers.

If any person fails to get his accounts audited in respect of any previous year or years relevant to an assessment year or furnish a report of such audit as required under section 44AB, then the Assessing Officer may impose penalty on such person as per the provisions of section 271B of the Income-tax Act, 1961.

Tax audit reports will stand unfurnished as on 31st October, 2017 and may result in initiation of penalty if not digitally approved by the assessee.

Assessees are advised to timely digitally approve the reports to avoid such proceedings.

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