29 Sep 2026

CBDT extends I-T return filing deadline for audit cases to November 21

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The Central Board of Direct Taxes (CBDT) extended the tax audit report due date for Assessment Year (AY) 2026-27 from September 30 to October 21, 2026 

The Central Board of Direct Taxes (CBDT) extended the tax audit report due date for Assessment Year (AY) 2026-27 from September 30 to October 21, 2026.

Revised Deadlines for AY 2026-27

• Tax Audit Report Due Date: Extended from September 30, 2026, to October 21, 2026.

• Income Tax Return (ITR) Due Date (Audit Cases): Extended from October 31, 2026, to November 21, 2026.

• Trust Audit Report (Form 10B/10BB): Extended to October 21, 2026.

Who does this apply to?

• Taxpayers governed by tax audit provisions under Section 44AB of the Income-tax Act, 1961.

• Specified persons and entities required to furnish audit reports under the Act for AY 2026-27.

The specific tax audit forms required and the exact penalty breakdown for late filing under the Income Tax Act, 1961 are detailed below.

Penalty: The penalty for late filing or failure to furnish the tax audit report (Form 3CA/3CB and Form 3CD) beyond the due date is governed under Section 271B of the Income Tax Act, 1961.

Under Section 271B, the monetary penalty is calculated as:

  • 0.5% of the total sales, turnover, or gross receipts.
  • Maximum/Capped at: ₹1,50,000
  • Whichever is lower.

Key Rules & Exceptions

  • Not Automatic: The penalty is not an automatic daily late fee; it is levied at the discretion of the Assessing Officer (AO) upon notice.
  • Reasonable Cause Relief: Under Section 273B, no penalty will be imposed if the taxpayer proves there was a genuine “reasonable cause” for the delay (such as a medical emergency or natural calamity).

Additional Consequences of Delay

  • Delayed ITR: Pushing the audit report past the due date automatically delays your Income Tax Return (ITR) filing.
  • Interest & Fees: Late ITR filing attracts interest under Section 234A (1% per month) and late fees under Section 234F.
  • Loss Carry Forward: You may lose the legal right to carry forward business or capital losses to subsequent years.
Required Tax Audit Forms:
The type of form your Chartered Accountant (CA) must submit online via the e-Filing Portal depends on your entity type:
  • Form 3CA – Form 3CD: Used for taxpayers whose accounts are already required to be audited under any other law (e.g., companies under the Companies Act, 2013).
  • Form 3CB – Form 3CD: Used for taxpayers whose accounts are not required to be audited under any other law (e.g., sole proprietorships or partnership firms with turnover exceeding the tax audit threshold).

CBDT Circular

9 Aug 2026

The Micro, Small and Medium Enterprises Development (Amendment) Bill, 2026 Passed by Parliament: A New Era for India’s MSME Sector

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A New Era for India’s MSME Sector

In a significant legislative development, the Indian Parliament has passed the Micro, Small and Medium Enterprises Development (Amendment) Bill, 2026, marking one of the most important reforms to the MSME ecosystem since the enactment of the MSMED Act, 2006. The Bill was passed by the Rajya Sabha on 3 August 2026 and subsequently approved by the Lok Sabha on 7 August 2026.

The amendment seeks to modernize the legal framework governing MSMEs, improve ease of doing business, address the chronic issue of delayed payments, strengthen dispute resolution mechanisms, and promote digital governance. Given that MSMEs contribute significantly to employment, manufacturing, exports, and economic growth, the reform is expected to have far-reaching implications for India’s business landscape.

Why the amendment was needed

The MSMED Act was enacted in 2006, and over the past two decades India’s business environment has undergone substantial transformation due to technological advancements, digitization, evolving market dynamics, and growing integration with global supply chains. The government recognized the need to update the Act to reflect these changes and provide stronger institutional support to millions of enterprises across the country.

One of the most pressing challenges faced by MSMEs has been the issue of delayed payments from buyers, which often creates severe liquidity constraints. The new Bill addresses this challenge through stricter timelines, enhanced enforcement provisions, and modern dispute resolution mechanisms.

Key Features of the Amendment Bill

  1. Revised MSME Classification Framework

The Bill empowers the Central Government to classify enterprises as MSMEs based on two criteria:

  • Investment in plant and machinery or equipment
  • Annual turnover

The thresholds will be notified by the government from time to time, providing flexibility to adapt to changing economic realities.

  1. Permanent Digital Registration Platform

The amendment institutionalizes the Udyam Registration Portal as a free, digital, and voluntary registration platform for MSMEs. State governments may also establish linked digital platforms to facilitate registration and access to government benefits.

This move is expected to promote formalization and simplify compliance for businesses across the country.

  1. Strengthening Delayed Payment Resolution

Perhaps the most impactful reform is the strengthening of mechanisms to address delayed payments.

The Bill introduces:

  • Online Dispute Resolution (ODR) systems.
  • Faster mediation and arbitration processes.
  • Stronger enforcement of awards and settlements.

These measures are intended to reduce litigation costs and improve access to justice for small businesses.

  1. Mandatory Timelines for Dispute Resolution

The amendment provides specific timelines for dispute resolution:

  • Mediation must be completed within 90 days from the date of first appearance.
  • If mediation fails, the matter must be referred to arbitration within 30 days.
  • The arbitral award must be delivered within 90 days after completion of pleadings.

Such timelines can significantly reduce delays that have historically burdened MSMEs.

  1. Enhanced Protection During Appeals

The Bill empowers courts to direct payment of at least 50% of the awarded amount to MSME suppliers when an application challenging the award remains pending for more than six months.

This provision is expected to improve liquidity and discourage frivolous delays by buyers.

  1. Recovery of Awards as Arrears of Land Revenue

To ensure effective enforcement, mediated settlements and arbitral awards can be recovered as arrears of land revenue through the District Collector, Deputy Commissioner, or other notified authorities where the buyer’s assets are located.

This provision strengthens the ability of MSMEs to realize their dues.

  1. Mandatory Use of TReDS by CPSEs

The Bill makes it mandatory for Central Public Sector Enterprises (CPSEs) to route settlement of MSME invoices through the Trade Receivables Discounting System (TReDS) platform. Governments may also extend similar requirements to other public sector entities.

This measure can improve cash flow and provide faster access to working capital for MSMEs.

  1. Rationalization of Compliance Framework

The amendment also seeks to replace certain conviction-based penalties with graded civil penalties and administrative measures, thereby reducing regulatory burdens and promoting a more business-friendly environment.

Expected Impact on the MSME Sector

The amendment is expected to produce several positive outcomes:

Improved Cash Flow

Mandatory TReDS adoption and stronger payment enforcement can significantly reduce payment delays and improve working capital availability.

Faster Dispute Resolution

Defined mediation and arbitration timelines are likely to shorten dispute settlement cycles.

Greater Digital Adoption

The strengthened Udyam registration ecosystem and digital dispute resolution mechanisms support the government’s vision of digital governance.

Enhanced Investor Confidence

Clear legal protections and stronger enforcement mechanisms can encourage entrepreneurship and investment in the MSME sector.

Better Ease of Doing Business

Reduced compliance burdens and streamlined procedures can help MSMEs focus more on growth and innovation.

Challenges Ahead

While the amendments are promising, effective implementation will be critical. Success will depend on:

  • Adequate digital infrastructure.
  • Capacity building of Facilitation Councils.
  • Awareness among MSMEs about their rights and remedies.
  • Efficient coordination between central and state authorities.
  • Timely enforcement of dispute resolution timelines.

Without strong execution, the intended benefits may not fully materialize.

Conclusion

The Micro, Small and Medium Enterprises Development (Amendment) Bill, 2026 represents a landmark reform aimed at strengthening the backbone of India’s economy. By addressing delayed payments, promoting digital governance, streamlining dispute resolution, and enhancing liquidity for small businesses, the legislation seeks to create a more supportive and growth-oriented environment for MSMEs.

As India continues its journey toward becoming a global economic powerhouse, the successful implementation of these reforms could play a crucial role in unlocking the full potential of the MSME sector, fostering innovation, employment generation, and sustainable economic growth.

The Micro, Small and Medium Enterprises Development (Amendment) Bill, 2026 passed by Parliament

 

25 Sep 2025

CBDT Extends Due Date for Filing Audit Reports: Relief for Taxpayers and Professionals

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CBDT extends due date, taking into account the hardships faced by taxpayers and the representations received from professional bodies, by  one-month relief for audit report submissions.

The Central Board of Direct Taxes (CBDT) has announced a significant relief for taxpayers and professionals by extending the due date for filing various audit reports under the Income-tax Act, 1961. The deadline, which was earlier set for 30th September 2025, has now been extended to 31st October 2025 for the Assessment Year (AY) 2025–26.

Why Was the Extension Granted?

The decision came after multiple representations from professional associations, including Chartered Accountant bodies, who highlighted the challenges faced by taxpayers and practitioners in completing audits on time.

Key reasons cited include:

  • Natural calamities such as floods in several regions, which disrupted normal business and professional activities.
  • Court petitions filed before various High Courts seeking relief.
  • Heavy workload on tax professionals, especially after the individual ITR filing deadline in mid-September.

Interestingly, CBDT clarified that the Income-tax e-filing portal has been functioning smoothly, with no major technical glitches. By 24th September 2025, over 4.02 lakh Tax Audit Reports (TARs) had already been uploaded, with more than 60,000 TARs filed in a single day.

Who Needs to File a Tax Audit Report?

Under Section 44AB of the Income-tax Act, tax audit is mandatory for:

  • Businesses with turnover above ₹1 crore (limit increases to ₹10 crore if cash transactions are ≤ 5%).
  • Professionals with gross receipts above ₹50 lakh.
  • Taxpayers under presumptive taxation (Sections 44AD/44ADA/44AE) if they declare lower profits than prescribed and their income exceeds the basic exemption limit.

What Happens If You Miss the Deadline?

Failure to file the audit report within the due date can attract penalties:

  • 0.5% of turnover/gross receipts, subject to a maximum of ₹1.5 lakh.
  • The penalty is discretionary and may be waived if reasonable cause is demonstrated.

Impact on ITR Filing Deadlines

Currently, the due date for filing Income Tax Returns (ITRs) for taxpayers subject to audit remains 31st October 2025. However, experts suggest that CBDT may issue a separate notification to extend the ITR filing deadline to 30th November 2025, in line with past practice.

Key Takeaways

  • New due date for filing audit reports: 31st October 2025.
  • Reason for extension: Natural calamities, workload pressure, and professional representations.
  • E-filing portal status: Stable and fully functional.
  • Relief provided: Extra time for taxpayers and professionals to ensure accuracy and compliance.

Conclusion

The extension of the audit report filing deadline by CBDT is a welcome move, offering much-needed breathing space to taxpayers and professionals alike. While the e-filing system is robust, real-world challenges such as natural disasters and workload bottlenecks cannot be ignored. This proactive step ensures compliance without undue stress, reinforcing CBDT’s commitment to balancing efficiency with empathy.

13 Feb 2025

Income Tax Bill, 2025 to replace Income Tax Act, 1961: Key Changes

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Finance Minister Nirmala Sitharaman has presented the new Income Tax Bill 2025 in Parliament today, February 13, 2025. This presentation marks a significant step in reforming India’s direct tax system.

Key Features of the Bill

The Income Tax Bill 2025 is designed to replace to the six-decade old Income Tax Act, 1961, with the goal of making direct taxes simpler.

Simplification and Structural Overhaul:

The idea is to get rid of old, confusing parts of the law and make the language easier to understand. Currently, the tax law has 298 sections and 14 schedules, but the new bill aims to shorten this considerably. The new bill is a substantial document at 622 pages, but it’s expected to cut down the number of sections by about 25-30%. This should make it easier for taxpayers to understand the rules and follow them.

Introduction of ‘Tax Year’ Concept:

One key change is the introduction of the term “Tax Year,” replacing “Assessment Year” and “Previous Year.” This aligns India’s tax system with the financial year and international practices.

This change is aimed at simplifying tax compliance and reducing ambiguities in filing returns, aligning with best global practices.

No Change in Tax Rates and Slabs:

The bill does not propose changes to existing tax rates or slabs. The current categories of tax heads including salaries, house property, and capital gains remain unchanged.

Emphasis on Digital Transactions:

The bill strongly promotes digital transactions. It includes provisions for easier electronic record-keeping and tax filing, reflecting the global shift towards digital finance. Virtual Digital Assets (VDAs), such as cryptocurrencies, are now recognized and taxed like other assets.

Residency Criteria with clearer Guidelines:

Under Section 6 of the 1961 Act, an individual was considered a resident of India if they stayed in the country for 182 days in a financial year or 60 days in specific cases. However, Clause 6 of the Bill retains these broad parameters but has brought forth refined provisions for individuals with multiple citizenships or complex residency situations. This change provides greater transparency and eliminates loopholes that were often exploited in international tax planning.

Revised Heads of Income and Deductions

Traditionally, income has been classified into five heads – Salaries, House Property, Business/Profession, Capital Gains, and Other Sources, all of which remains in the new bill. However, Clauses 13 to 59 expand these categories to explicitly include income from virtual assets, digital businesses, and online earnings.

The revisions modernize income classifications while ensuring that new-age revenue streams are properly accounted for under tax laws.

Capital Gains and other deductions Overhaul

The 1961 Act offered various deductions and exemptions under Sections 10 and 80C to 80U, covering investments, donations, and other expenses.

The 2025 Bill, through Clauses 11 to 154, consolidates these deductions and introduces new provisions benefiting startups, digital businesses, and renewable energy investments. Additionally, the standard deduction for salaried individuals has been increased to ₹75,000, providing significant relief to middle-income taxpayers.

The taxation of capital gains, previously covered under Sections 45 to 55A, remains largely intact in the new bill but is dealt with key refinements. Clauses 67 to 91 introduce specific provisions for virtual digital assets (VDAs) and update holding period thresholds for certain asset classes.

Modern investment instruments such as cryptocurrencies and digital securities are also slated to be accommodated within the new provisions by means of these inclusions.

Automation and Faceless Assessments

.Previously, tax administration under Sections 139 to 158 relied heavily on manual processes for return filing, audits, and assessments. The new bill, in Clauses 263 to 389, mandates e-filing, faceless assessments, and automated taxpayer interactions, reducing human intervention and increasing transparency.

Business Thresholds for Presumptive Taxation:

For businesses, the threshold for the presumptive tax scheme is proposed to be increased. Businesses with a turnover of up to ₹3 crore can now opt for this scheme, up from the previous limit of ₹2 crore. The threshold for professionals has also been raised from ₹50 lakh to ₹75 lakh.

Tax Audits and Compliance:

Regarding tax audits, Chartered Accountants (CAs) will continue to be the primary professionals responsible. The bill does not include Company Secretaries (CSs) or Cost Accountants (CMAs) in this role. The emphasis on digital processes and reduced direct interaction aims to improve compliance and lessen the risk of harassment for taxpayers.

Stricter Compliance

The General Anti-Avoidance Rules (GAAR) that had a limited scope under Sections 95 to 102 of the Income Tax Act, 1961 have been significantly strengthened in the new bill. Clauses 178 to 184 provide for broader GAAR coverage, stricter scrutiny of impermissible tax arrangements, transactions lacking commercial substance and enhanced measures against tax evasion.

Non-Profit Organizations

While Sections 11 to 13 of the Income Tax Act, 1961 Act provided tax exemptions for non-profit entities, they lacked detailed compliance measures. Clauses 332 to 355 in the new bill introduce a comprehensive regulatory framework that imposes stricter compliance and reporting requirements to prevent misuse of tax benefits.

Dispute Resolution Mechanism

Under the 1961 Act, taxpayers had access to a Dispute Resolution Panel (DRP ) under Section 144C, mainly for foreign companies. The 2025 Bill, through Clause 275, expands the DRP’s scope and introduces a Dispute Resolution Committee (DRC ) under Clause 379, catering specifically to small and medium taxpayers for quicker and more efficient dispute resolution.

Speedy Redressal

Clauses 268 to 296 of the new bill gives tax officers expanded powers to request asset and liability statements, introduces faceless scrutiny through Clause 273, and shortens reassessment timelines by means of Clauses 279 to 285.

The appellate process has also been streamlined, with first appeals now allowed at the Joint Commissioner level (Clause 356), while the ITAT and High Court procedures (Clauses 362-365) have been simplified for efficiency. A new Board for Advance Rulings has also been introduced through Clause 381 to improve tax predictability for businesses.

Implications for Taxpayers

The immense changes introduced through the Income Tax Bill, 2025 aims to streamline taxation, eliminate ambiguities, and promote compliance through automation, digital inclusion, and modernized tax rules.

The introduction of faceless assessments, expanded digital income classifications, and stricter anti-evasion measures paves the way for India’s tax system to navigate through the next phase of economic growth.

Process and Implementation

After it’s introduced, committees will review it. It will go to the Standing Committee on Finance for their suggestions, and then the cabinet will review it again before it goes back to Parliament for a final vote. The plan is for the new law to take effect on April 1, 2026, which is the beginning of the new financial year.

Major Reform

 This new bill is part of a bigger effort to update tax laws, lessen the amount of legal disputes over taxes, and make the tax rules clearer.

The introduction and later implementation of the 2025 Income Tax Bill is a major change to how taxes work in India. The goal is to make tax laws more transparent and simpler, while also adapting to the current economic situation.

29 Sep 2024

Tax Audit Report due date extended to 07-October-2024

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Considering the difficulties faced by taxpayers in electronic filing of various audit reports under the Income Tax Act, the deadline is being extended from September 30 to October 7.
CBDT has extended the specified date of furnishing of Tax Audit Report under any provision of the Act for the Financial Year 2023-24, which was 30th September, 2024 to 07th October, 2024.
 
The reason behind the extension is because of difficulties faced by the taxpayers and other stakeholders in the electronic filing of various reports.
 
In its latest report, CBDT said, “On consideration of difficulties faced by the taxpayers and other stakeholders in electronic filing of various reports of audit under the provisions of the Income-tax Act,1961 (Act), the Central Board of Direct Taxes (CBDT), in the exercise of its powers under Section 119 of the Act, extends the specified date of furnishing of report of audit under any provision of the Act for the Previous Year 2023-24, which was 30th September, 2024 in the case of assessees referred in clause (a) of Explanation 2 to sub-section (1) of section 139 of the Act, to 071h October, 2024.”
 
Tax Audit involves an expression of the tax auditor’s opinion on the truth and correctness of certain factual details, furnished by the assessee to the Income Tax Authorities to enable correct assessment of total income considering all allowances, deductions, losses, adjustments, exemptions etc. and determination of tax thereon.
 
It is conducted to ensure proper maintenance and correctness of books of accounts by the taxpayer and certification of same by the CA. This is to discourage tax avoidance and evasion, the requirement of a tax audit that was introduced by inserting a new section 44AB in the Income Tax Act.
 
There are two types of forms for filing income tax audit reports namely 3CA-3CD and 3CB-3CD.
Form 3CA-3CD is applicable in case of a person who is required by or under any law to get their accounts audited; while Form 3CB-3CD is applicable in case of a person not being a person referred above i.e. where accounts are not required to be audited under any other law.
 
Meanwhile, rule 6G prescribes the manner of reporting and furnishing of Report of Audit of accounts to be furnished under section 44AB, which is meant for the audit of accounts of certain persons carrying on business or profession.
 

CBDT Circular -10-2024

 

26 Apr 2024

CBDT Extends Due Date for Filing Form 10 A/10 AB

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CBDT extends due date for filing Form 10A/10AB upto 30th June, 2024.
The CBDT), has issued Circular No. 07/2024 dated 25.04.2024 further extending the due date for filing Form 10A/ Form 10AB under the Income-tax Act, 1961 (the ‘Act’) upto 30 th June, 2024.

Considering the representations received by CBDT requesting for further extension of the due date for filing such Forms, the CBDT has extended the due date of filing Form 10A/ Form 10AB until 30th June, 2024

Form 10 A – Form 10 AB –

The Central Board of Direct Taxes ( CBDT ), has issued Circular No. 07/2024 dated 25.04.2024 further extending the due date for filing Form 10A/ Form 10AB under the Income-tax Act, 1961 ( the ‘Act’ ) upto 30th June, 2024.

CBDT had earlier extended the due date for filing Form 10A/ Form 10AB by trusts, institutions and funds multiple times to mitigate genuine hardships of the taxpayers.

The last such extension was made by Circular No. 06/2023 extending the date to 30.09.2023.

Considering the representations received by CBDT requesting for further extension of due date for filing of such Forms beyond the last extended date of 30.09.2023, and to avoid genuine hardships to taxpayers,

CBDT has extended the due date of filing Form 10A/ Form 10AB up to 30th June, 2024, in respect of certain provisions of section 10(23C)/ section 12A/ section 80G/ and section 35 of the Act.

Form 10B enables a taxpayer to file an audit report if the taxpayer has applied for or is already registered as charitable or religious trust/institution by filing Form 10A. Form 10B is accessed by the CA added by the taxpayer under the My CA service and is assigned the relevant form.

It was further clarified by CBDT that, if any such existing trust, institution or fund had failed to file Form 10A for AY 2022-23 within the extended due date, and subsequently, applied for provisional registration as a new entity and received Form 10AC, can also now avail this opportunity to surrender the said Form 10AC and apply for registration for AY 2022-23 as an existing trust, institution or fund, in Form 10A till 30th June 2024.

It was also clarified that those trusts, institutions or funds whose applications for re-registration were rejected solely on the grounds of late filing or filing under the wrong section code, may also submit fresh applications in Form 10AB within the aforesaid extended deadline of 30th June 2024.

The applications as per Form 10A/ Form 10AB shall be filed electronically through the e-filing portal of the Income Tax Department.

Source: CBDT Circular No. 7/2024 dated 25th April 2024

8 Mar 2024

Income Tax Advisory for Trusts / Institutions

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                                                                  ATTENTION TRUSTS/ INSTITUTIONS                         08-Mar-2024

Income of any fund or institution or trust or any university or other educational institution or any hospital or other medical institution referred to in sub-clause (iv) or subclause (v) or sub-clause (vi) or sub-clause (via) of clause (23C) of section 10 (hereinafter referred to as trust or institution under the first regime) of the Income-tax Act, 1961 (hereinafter referred to as the Act) or any trust or institution registered under section 12AA or section 12AB of the Act (hereinafter referred to as trust or institution under the second regime) is exempt subject to fulfilment of certain conditions specified under various sections of the Act.

One of the conditions required to be fulfilled by the trust or institution in order to be eligible to claim exemption under the first regime, is laid down in clause (b) of the tenth proviso to clause (23C) of section 10 of the Act. This states that in case the total income of the trust or institution, as computed under the Act without giving effect to the provisions of exemption under the first regime, exceeds the maximum amount which is not chargeable to income-tax in any previous year, the trust or institution is required to get its accounts audited and furnish the audit report in the prescribed Form before the specified date.

A similar condition is in place for trust or institution under the second regime in subclause (ii) of clause (b) of sub-section (1 ) of section 12A of the Act.

Rule 16CC and 17B of the Income-tax Rules, 1962 (hereinafter referred to as the Rules) prescribe the form of audit report for trust or institution under the first and second regime respectively. They provide that the report of audit of the accounts of a trust or institution, shall be furnished in –

(a) Form No. l0B where,

(i) the total income of trust or institution, exceeds rupees five crores during the previous year; or

(ii) such trust or institution has received any foreign contribution during the previous year; or

(iii)such trust or institution has applied any part of its income outside India during the previous year;

(b) Form No. 10BB in other cases.

The new forms, Form No. l0B/ Form No. l0BB, were notified vide Notification No. 7 of 2023 dated 21st February, 2023. The above prescription was put in place w.e.f. 01.04.2023, vide the Income-tax (Third Amendment) Rules, 2023, and is therefore, effective for assessment year 2023-24 and subsequent assessment years. The due date for furnishing such audit reports for the A.Y. 2023-24 was 31st October, 2023.

It has come to the attention of the Board that in a number of cases trusts/ institutions have furnished audit report in Form No. l0B, where Form No. 10BB was required to be furnished for the A.Y. 2023-24. Similarly, in a number of cases trusts/ institutions have furnished audit report in Form No. 10BB, where Form No. l0B was required to be furnished for the A.Y. 2023-24. As noted above, non-furnishing of audit report in the prescribed form would result in denial of exemption in such cases as it is one of the conditions which is required to be satisfied for claim of exemption.

In view of the above, the Central Board of Direct Taxes, in exercise of its powers under section 119 of the Act has allowed those trusts/ institutions which have furnished audit report on or before 31st October, 2023 in Form No. l0B where Form No. 10BB was applicable and vice-versa, to furnish the audit report under clause (b) of the tenth proviso to clause (23C) of section 10 and sub-clause (ii) of clause (b) of sub-section (1) of section l2A of the Income-tax Act, 1961, in the applicable Form No. l0B/ 10BB for the assessment year 2023-24, on or before 31st March, 2024. Please refer to CBDT Circular 2/2024 dated: 05th March 2024. Please furnish audit report in correct prescribed form for AY 2023-24 on or before 31st March 2024 to claim exemption.

Source: Central Board of Direct Taxes Circular