Date of income tax audit report submission: The deadline has been rescheduled from September 30, 2024 to October 7, 2024.
The payment deadline for tax audit reports for the Assessment Year 2024–2025 has been extended, according to a statement released by the Central Board of Direct Taxes (CBDT).
The deadline has been rescheduled from September 30, 2024 to October 7, 2024.
This ruling is a reaction to the difficulties taxpayers encountered when submitting electronically under the Income Tax Act, especially because of problems with the e-filing system.
Many taxpayers, including individuals, businesses, and other assessees who must file their income tax returns by October 31, 2024, will gain from the delay.
This extra week is now available to those who were initially required to submit their tax audit reports by the September deadline.
Tax professionals claim that many people who were having difficulty with the filing procedure’ intricacies will find great respite from it with this extension.
According to reports, a lot of taxpayers had trouble using the e-filing platform, which made it take longer for them to send in required paperwork such Forms 10B and 10BB.
The Karnataka State Chartered Accountants Association’s (KSCAA) Chairman of the Direct Tax Committee, chartered accountant Deepak Chopra, affirmed that this extension is applicable to all taxpayers who were impacted by the original deadline.
In a circular published on September 29, the CBDT acknowledged these technological issues and stated that it was authorized by Section 119 of the Income Tax Act to extend the deadline for submission.
Although a lot of experts think this is a good step, they also advise against getting too comfortable. To avoid penalties, taxpayers need to be on the lookout and make sure they meet the new deadline.
Along from relieving some of the immediate strain, the extension gives some taxpayers hope that the entire income tax return (ITR) deadline may be extended much further—possibly to November 7, 2024—especially in light of the approaching Diwali celebrations in early November.
This one-week extension provides vital financial relief for individuals who were in danger of missing the original September 30 deadline. It enables them to avoid penalties for late reporting, which might total up to Rs 1.5 lakh, or 0.5% of total sales.
It’s crucial to remember that taxpayers who miss the extended October 7 deadline may still file their reports; however, they may be subject to penalties and may have their income tax returns flagged as incomplete.
