Income Tax Audit Report Deadline Extended: Here's the New Last Date
Income Tax Audit Deadline: The submission date for the income tax audit report has been extended to October 7. Late submissions may result in penalties.
Income Tax Audit
The deadline for submitting the income tax audit report has been extended from September 30 to October 7. The report must be filed online via the e-filing ITR portal. Failure to submit may result in a penalty of ₹1.5 lakh or 0.5% of total sales, whichever is lower.
In a circular, the Income Tax Department stated, "The Central Board of Direct Taxes (CBDT) has decided to extend the specified date for filing various audit reports for the Previous Year 2023-24. The original deadline of September 30, 2024, for assessees referred to in clause (a) of Explanation 2 to sub-section (1) of Section 139 of the Act has been extended to October 7, 2024."
Has the income tax audit report deadline been extended for all taxpayers?
According to the circular, the CBDT specified the category of taxpayers for whom the deadline has been extended to October 7. This includes individuals, companies, and other assessees who are required to undergo a tax audit and whose income tax returns must be filed by October 31. These taxpayers were originally required to submit their audit reports by September 30.
Why has the income tax audit report deadline been extended?
In the circular, the CBDT stated: “Considering the challenges faced by taxpayers and other stakeholders in electronically filing various audit reports under the provisions of the Income-tax Act, 1961, the Central Board of Direct Taxes (CBDT), exercising its powers under Section 119 of the Act, has extended the deadline for submitting the audit report.”
