Last date alert! Income tax audit deadline ends today: Who must file? What happens if you miss the due date?
The income tax audit deadline for Assessment Year 2026-27 ends today, requiring audited taxpayers to file reports. Those needing to file include businesses with sales over ₹1 crore and professionals with gross receipts exceeding ₹50 lakh. Missing the deadline incurs a penalty of 0.5% of total sales or turnover, emphasizing the importance of compliance.