Income Tax: CBDT Extends Audit Report Filing Deadline For AY 2024-25 To Oct. 7
This extension is aimed at easing the burden on those required to comply with audit report requirements.
In a significant update for taxpayers and stakeholders, the Central Board of Direct Taxes has announced an extension of deadline for filing various audit reports related to the Assessment Year 2024-25. This decision comes in light of the challenges many have faced with electronic submissions under the Income Tax Act.
Originally set for September 30, 2024, the new deadline for submitting audit reports for the financial year 2023-24 has been pushed to October 7, 2024. This extension is aimed at easing the burden on those required to comply with audit report requirements.
The CBDT's decision is rooted in its commitment to support taxpayers and ensure a smoother filing process. This move will provide additional time for accountants and businesses to complete their submissions accurately.
The deadline for submitting the income tax audit report for FY 2023-24 (AY 2024-25) was September 30, 2024. Missing this deadline meant you can still submit the report, but a penalty will apply. If you failed to upload the tax audit report even after the deadline and paying the penalty, your income tax return will be considered defective.
Entities are subject to two types of taxes: direct and indirect. Income tax is a direct tax directly linked to the income of the assessee. This income can come from various sources such as salary, house property, business, capital gains, and other sources. The assessee must pay income tax if their total income, after Chapter VI-A deductions, exceeds the taxable income limit.
