Income Tax audit report submission date extended: Check new deadline
What's the story
The Central Board of Direct Taxes (CBDT) has extended the deadline for filing various audit reports, including the income tax audit report, for the previous year 2023-24. The new deadline is now set as October 7, 2024. This extension applies to taxpayers legally obligated to conduct an income tax audit of their accounts and submit the report by September 30, 2024.
Penalty prevention
Extension aims to prevent penalties for late submission
The extension is a big deal because it helps taxpayers dodge a penalty of ₹1.5 lakh or 0.5% of total sales, whichever is less, for turning in the tax audit report late. The CBDT shared this extension in a circular on Sunday. You have to submit the reports online through the e-filing ITR portal.
Beneficiaries
Who does the extension apply to?
The CBDT has made it clear that the extension is for all taxpayers who need to go through a tax audit. This covers individuals, companies, and other assessees whose Income Tax Returns (ITRs) are due by October 31. Chartered Accountant Ashish Niraj said that these taxpayers can now upload their tax audit report by October 7.
Extension reason
Why was the deadline extended?
The CBDT said that the extension was given because taxpayers and other stakeholders were finding it tough to electronically file different audit reports under the Income-tax Act, 1961. As reported by Economic Times Wealth Online on September 19, several taxpayers were running into problems with the ITR e-filing portal being slow and not allowing them to upload tax audit reports.