New deadline for submitting tax audit report is approaching; File it else be ready to pay Rs 1.5 lakh or 0.5% of sales as penalty
tax audit deadline is on October 7, 2024, for FY 2023-24 (AY 2024-25). However, this deadline is an extended deadline, which means if you were pinning your hopes on the extended deadline, don't. The original deadline for submitting income tax audit report on the e-filing ITR portal was September 30, 2024. The government is unlikely to extend the deadline again.
«In response to a representation made by „Associated Chamber of Commerce & Industries“ #Udhampur, a request was made to the Hon'ble Finance Minister for extension of the date for filing of Audit Report for Assessment Year 2024-25. Thank you Smt Nirmala Sitharaman ji @nsitharaman for conceding the request and issuing the orders accordingly,» said Union Minister Dr Jitendra Singh on X (formerly Twitter).
What happens if you fail to file a tax audit report on or before October 7, 2024
According to SR Patnaik, Partner (Head — Taxation), Cyril Amarchand Mangaldas, the deadline extension has been provided only for the electronic filing of the tax audit reports by seven days to October 7, 2024.
«This means that the tax audit ought to have been completed by September 30, 2024, and the filing can be made by October 7, 2024. In case these deadlines are not, then there would be consequences as prescribed under the provisions of the Income Tax Act, 1961. For non-compliance with section 44AB (tax audit), you will be charged a penalty of 0.5% of total sales or turnover or gross receipts or Rs 1.5 lakh, whichever is less,» Patnaik says.
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