Income Tax Audit Deadline Extended: Act Now to Avoid Penalties
The deadline to submit your income tax audit report has been graciously extended to October 7th. However, failure to meet this revised deadline could result in a hefty penalty of ₹1.5 lakh or 0.5% of your total sales, whichever is lower.
To avoid these penalties, ensure you file your income tax audit report online through the e-filing ITR portal before the extended deadline. Don’t miss out on this valuable opportunity to stay compliant and avoid unnecessary financial burdens.
Income Tax Audit Deadline Extended: Crucial Relief for Taxpayers
The Central Board of Direct Taxes (CBDT) has announced a much-needed extension for filing various audit reports for the previous financial year 2023-24. The deadline, originally set for September 30th, has now been pushed back to October 7th. This extension provides crucial relief for taxpayers who were facing challenges in meeting the initial deadline.
Income Tax Audit Deadline Extended: Who's Eligible for Relief?
The Central Board of Direct Taxes (CBDT) has clarified that the extended deadline of October 7th applies to a specific group of taxpayers. This includes individuals, companies, and other assessees who are required to file their Income Tax Returns (ITRs) by October 31st and were previously obligated to submit a tax audit report by September 30th.
Income Tax Audit Deadline Pushed Back: Reasons Behind the Extension
The Central Board of Direct Taxes (CBDT) has acknowledged the challenges faced by taxpayers and other stakeholders in electronically filing various audit reports. In response to these difficulties, the CBDT has extended the deadline for submitting these reports, exercising its authority under Section 119 of the Income Tax Act.