The Income Tax Department has given a big relief to taxpayers by extending the deadline for submitting income tax audit reports. Originally set for 30th September 2024, the new deadline is now 7th October 2024. This extension offers significant relief to those who were struggling to meet the original date.
Official Circular from the Income Tax Department
The announcement was made via a circular issued by the Income Tax Department on 29th September 2024. The extension applies to individual taxpayers, companies, and other entities required to submit their audit reports. These taxpayers, for whom the ITR filing deadline is 31st October, now have additional time to upload their audit reports without any penalties.
The extension comes as a relief for those facing technical issues on the Income Tax Department’s e-filing portal. Now, they can submit their audit reports without rushing or risking a fine.
Avoiding a Penalty of Up to Rs 1.5 Lakh
The extended deadline has saved taxpayers from potential penalties. Those required to file audit reports would have faced a fine of Rs 1.5 lakh or 0.5% of their total sales, whichever is lower, if they missed the original deadline. With the new 7-day grace period, taxpayers can avoid this financial burden.
For many businesses and individuals, this extension is not just a relief from technical problems but also a financial benefit. Submitting the audit report on time can save them from a heavy penalty, offering more time to ensure all the details are correctly uploaded.
Why the Deadline Was Extended
The Central Board of Direct Taxes (CBDT) took this decision after receiving numerous complaints from taxpayers and professionals. Many reported that they were unable to upload their audit reports due to technical glitches on the portal. Considering these issues, CBDT decided to give taxpayers a 7-day extension.
This move ensures that taxpayers can submit their reports without facing unnecessary penalties. Technical problems, which may have been beyond their control, will no longer be a reason for them to incur a financial penalty.
Don’t Wait Until the Last Moment
Despite the extension, taxpayers and professionals are advised to submit their audit reports as soon as possible. The Income Tax Department’s portal often faces heavy traffic in the final days, causing further technical delays. It’s always better to avoid the last-minute rush and file early to avoid any unforeseen issues.
The additional time given by the Income Tax Department is a big relief, but taxpayers should ensure they use this time wisely and file their reports promptly.
