The last date for filing the income tax audit report has been extended to October 7, 2024 . This is a welcome relief for taxpayers who were facing difficulties in electronically filing the required reports due to technical issues on the e-filing portal .
The Central Board of Direct Taxes (CBDT) made this announcement on September 29, 2024, exercising its powers under Section 119 of the Income Tax Act This extension applies specifically to assessees mentioned under clause (a) of Explanation 2 to sub-section (1) of section 139 of the Income-tax Act, who were initially required to file their tax audit reports by September 30, 2024.
Key Implications of the Extension:
- Penalties for Late Filing: Taxpayers who miss the revised deadline will face penalties, including 0.5% of turnover or gross receipts, up to a maximum of ₹1.5 lakh .
- Relief for Taxpayers: The extension provides a breathing room for taxpayers who were struggling to meet the original deadline.
- Eligibility for Extension: The extension applies to all taxpayers, including individuals and companies, whose income tax filing deadline is October 31, 2024 .
Remember to file your tax audit report by October 7, 2024, to avoid any penalties or complications.
