Last date for income tax audit report: Deadline for tax audit report extended
tax audit report has been extended to October 7, 2024 for those taxpayers who are required by law to conduct an income tax audit of their accounts and submit the audit report on or before September 30, 2024. The report is required to be submitted online on the e-filing ITR portal. This extension is important as the penalty for submitting a tax audit report after the deadline is Rs 1.5 lakh or 0.5% of total sales, whichever is lower.
“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,” said the Income Tax Department in a circular released on September 29, 2024.
For which taxpayers is the tax audit report submission deadline extended?
In the circular, CBDT has specifically mentioned the category of taxpayers for whom the deadline has been extended to October 7, 2024.
Chartered accountant Ashish Niraj, Partner, A S N & Company Chartered Accountants, says: “As per this circular all assessees, who are required to get tax audit done – including individuals, companies and other assessees whose ITRs are required to be filed by 31st October of the assessment year – and who were required to submit a tax audit report by 30th September can upload the tax audit report by 7th October, 2024, now.” he says.
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