Income Tax Audit Report Deadline Extended: The Income Tax Department has announced to give big relief to the taxpayers. The Income Tax Department has decided that for those taxpayers who had to submit their income tax audit report by 30 September 2024, this deadline has now been extended to 7 October 2024. This decision to extend the last date has brought great relief to those taxpayers who were not able to submit the reports on time due to some reason.
Income Tax Department issued circular
According to the circular issued by the Income Tax Department, the last date for submission of Income Tax Audit Report has now been extended from 30 September 2024 to 7 October 2024. This circular has been issued on 29 September 2024. This decision is especially important for those taxpayers who have to get their income audited. Earlier the deadline for this was fixed for 30th September. Taxpayers who will benefit from the extension of the deadline include individual taxpayers, companies and all such taxpayers for whom the last date for ITR filing is October 31. All of them have now got time till October 7 to submit their audit reports online on the e-filing portal of the Income Tax Department.
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How to get relief up to Rs 1.5 lakh
The extension of the deadline will be of great benefit to the taxpayers, because the taxpayers who are required to submit the audit report have to pay heavy penalty if they fail to do so within the deadline. This fine is Rs 1.5 lakh or 0.5% of total sales, whichever is less. Due to extension of deadline by 7 days, those taxpayers who were not able to submit the reports on time due to technical problems will be greatly benefited. Now they will be able to submit their reports without paying fine.
✅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 assesses referred in clause (a) of Explanation. 2 to sub-section (1) of section 139… pic.twitter.com/jyuadaXm71
— Income Tax India (@IncomeTaxIndia) September 29, 2024
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Reason for extending the deadline
In the circular issued by the Income Tax Department, it has been said that many taxpayers and professionals faced technical difficulties in uploading the audit report on the Income Tax portal. Keeping these problems in mind, the Central Board of Direct Taxes (CBDT) has taken this decision. Many taxpayers had complained that they were not able to upload their audit reports on the portal. For this reason, the department decided to extend the deadline so that any taxpayer can avoid paying the penalty without any reason.
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Don’t wait until the last minute
Although the deadline has been extended by 7 days, taxpayers and professionals should try to submit their reports on time. Due to heavy pressure on the portal at the last moment, sometimes technical problems arise, hence one should avoid waiting till the last moment to submit the report.
