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CS Professional · Advanced Direct Tax Laws and Practice · Tax Audit

Under Section 63 of the Income-tax Act, 2025, how is the 'specified date' for the tax audit report defined?

The specified date is the date one month before the due date for furnishing the return of income under section 263(1). The tax audit must be completed and the report furnished by this earlier date, not by the return due date itself.

  1. AThe due date for furnishing the return of income
  2. BThe date one month prior to the due date for furnishing the return of income under section 263(1)Correct
  3. CThe last day of the tax year
  4. DThree months before the due date for furnishing the return

Explanation

Section 63(5)(a) defines the specified date as the date one month prior to the due date for furnishing the return under section 263(1). It is therefore earlier than the return due date, not the same date.

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