Income tax audit deadline extended to October 7: Who must file and how to submit online

The Central Board of Direct Taxes (CBDT) has extended the deadline for filing tax audit reports for the assessment year (AY) 2024-25. The previous deadline of September 30, 2024, has now been pushed to October 7, 2024. This extension applies to assessees covered under section 139 of the Income Tax Act, 1961.

The decision was made after considering the difficulties faced by taxpayers in electronically filing tax audit reports. Many taxpayers reported issues with the e-filing portal, which experienced sluggishness, making it difficult to upload reports on time. The CBDT exercised its authority under Section 119 of the Income Tax Act to extend the filing date.



Submitting a tax audit report after the deadline can attract severe penalties. Taxpayers may face a fine of up to ₹1.5 lakh or 0.

5% of their total sales, whichever is lower. Therefore, the extension to October 7 gives taxpayers additional time to avoid such penalties. What is a tax audit? Income tax audit is an examination or review of accounts of any business or profession carried out by taxpayers from an income tax viewpoint.

It makes the process of income computation for filing of return of income easier. Who needs to submit a tax audit report? Certain individuals and entities are mandated by the Income Tax Act to file an audit report. The key categories include: Businesses with gross turnover exceeding ₹1 crore.

Professionals earning over ₹50 lakh in annual receipts. Companies across all turnover levels. Other specific cases as outlined by tax regulations, including those opting for the presumptive taxation scheme but failing to meet certain criteria.

These taxpayers must have their accounts audited by a Chartered Accountant, who prepares the audit report (Form 3CA/3CB and Form 3CD) for submission. How to submit the audit report Taxpayers should follow these steps to ensure submission: Get the audit completed: Ensure your auditor prepares the report, verifying all details for accuracy. Log in to the income tax e-filing portal: Use your credentials to access the e-filing website.

Access the upload section: Navigate to the relevant section for filing audit reports. Select the correct assessment year: Choose the appropriate year for which the audit is being filed. Upload the report: Follow the instructions to upload the completed report (Form 3CA/3CB and 3CD).

Confirm submission: After uploading, confirm that the report has been successfully submitted..