New Delhi, Sept. 28 -- The deadline for taxpayers who are required to file their tax audit reports is just two days away. However, tax professionals and industry associations have been seeking an extension of the September 30 deadline to October 31.

As of now, no extension or other relief has been granted, making it important for taxpayers subject to tax audit to continue preparing themselves for the existing deadline unless the government announces any change.

If you are unable to get your accounts audited and submit the report by Wednesday, September 30, you could face a penalty under Section 271B.

The levy is 0.5% of the total turnover or gross receipts, subject to the reasonable-cause relief available under Section 273B, as per inf...