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The deadline to submit the income tax audit report has been extended to October 7 from September 30. Income tax audit report is required to be submitted online on the e-filing ITR portal. Inability to do so can result in a penalty of ₹ 1.
5 lakh or 0.5% of total sales, whichever is lower. Read more: Ashneer Grover will no longer be associated with BharatPe in any capacity Income Tax Department said in a circular, “Central Board of Direct Taxes (CBDT) has decided to extend the specified date for filing of various reports of audit 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 07thOctober 2024.
" Read more: Pakistan cuts 150,000 government jobs. It's IMF's order Has the income tax audit report deadline been extended for all taxpayers? As per the circular, CBDT mentioned the category of taxpayers for whom the deadline has been extended to October 7. This includes those who are required to get tax audit done including individuals, companies and other assessees whose ITRs are required to be filed by October 31 and who were required to submit a tax audit report by September 30.
Why has the income tax audit report deadline been extended? Read more: Oil prices rise as Hezbollah leader’s death stokes tensions in Middle East, Iran's response awaited In the circular, 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 exercise of its powers under Section 119 of the Act, extends the specified date of furnishing of report of audit.”.
