The Income Tax Department has announced an extension for the submission of the income tax audit report for the financial year 2023-24. Taxpayers who were initially required to submit their audit reports by September 30, 2024, can now do so by October 7, 2024. This extension allows additional time for those mandated by law to conduct an income tax audit and file the corresponding report online via the Income Tax e-filing portal.
This extension is crucial as late submission of the tax audit report can result in significant penalties. Taxpayers who miss the deadline could face a fine of either ₹1.5 lakh or 0.5% of their total sales, whichever is lower. Therefore, the new deadline offers some relief for businesses and individuals who need more time to complete their audit obligations.
The Central Board of Direct Taxes (CBDT) made the announcement on September 29, 2024, through a circular. The circular states:
“CBDT has decided to extend the specified date for filing various audit reports for the financial year 2023-24, which was originally set for September 30, 2024, for assessees referred to in clause (a) of Explanation 2 to sub-section (1) of section 139 of the Income Tax Act. The deadline is now extended to October 7, 2024.“
According to the circular, this extension applies to all taxpayers required to undergo a tax audit. This includes individuals, companies, and other entities whose Income Tax Returns (ITRs) are due by October 31, 2024. Anyone who was originally required to submit their tax audit report by September 30 can now take advantage of the extended deadline and file by October 7, 2024.
For taxpayers who fall under the mandatory audit category, this extension offers crucial extra time to ensure compliance without incurring penalties. Make sure to upload your tax audit report by the new deadline to avoid any late fees or penalties.
How can we help? *
