The Central Board of Direct Taxes (CBDT) has announced an extension for the deadline to file audit reports under the Income Tax Act for the Assessment Year 2024-25. Initially set for September 30, 2024, the deadline has now been pushed to October 7, 2024, providing relief for taxpayers facing technical difficulties with electronic submissions. This decision applies to all taxpayers and was made in response to reports of malfunctioning on the e-filing portal. While the extension provides financial relief for those at risk of missing the initial deadline, experts warn against complacency and urge taxpayers to still submit their reports by the new deadline to avoid penalties.
Tax Audit Due Date Extension: Background and Implications
The Central Board of Direct Taxes (CBDT) recently announced an extension for the deadline to file audit reports under the Income Tax Act for the Assessment Year 2024-25. This extension is a significant relief for taxpayers facing technical difficulties with electronic submissions.
Background
Tax audit is a process of verifying the accuracy and completeness of financial statements submitted by taxpayers. It is typically conducted by Chartered Accountants or other authorized professionals. For the Assessment Year 2024-25, the initial deadline for filing audit reports was September 30, 2024.
Extension Announcement
In response to reports of malfunctioning on the e-filing portal, the CBDT announced an extension of the deadline to October 7, 2024. This applies to all taxpayers. The decision was made to provide relief for those at risk of missing the initial deadline due to technical difficulties.
Implications
The extension provides financial relief for taxpayers who were facing potential penalties for late submission of audit reports. However, experts warn against complacency and urge taxpayers to still submit their reports by the new deadline to avoid any penalties.
Top 5 FAQs
1. What is the new deadline for filing audit reports for the Assessment Year 2024-25? Answer: October 7, 2024
2. Why was the deadline extended? Answer: Due to malfunctioning on the e-filing portal
3. Does the extension apply to all taxpayers? Answer: Yes
4. What are the consequences of missing the new deadline? Answer: Taxpayers may face penalties for late submission of audit reports
5. What steps should taxpayers take to ensure timely submission? Answer: Taxpayers should start preparing their audit reports early and submit them electronically by the new deadline. If technical difficulties arise, they should contact the Income Tax Department for assistance.
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