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Income Tax: Now file your Tax Audit Report by 7 October, otherwise you may have to pay a fine of up to Rs 1.5 lakh

The Central Board of Direct Taxes (CBDT) has extended the last date for filing income tax audit report, after which a large number of taxpayers who failed to file the report have got a big relief.

New Delhi: All the taxpayers filing income tax audit report have got a big relief from the Central Board of Direct Taxes (CBDT). Actually, CBDT has announced an increase in the last date for filing tax report. CBDT has taken this decision after taxpayers faced difficulties in electronic submission. Let us tell you that the last date for filing income tax audit report was 30 September 2024, which has been extended for a few days.

What is the new date?

Income Tax of India has given information about this by tweeting on its official social media handle X late night. The department wrote in the tweet, the Central Board of Direct Taxes (CBDT) has decided to extend the specified date for filing various reports of audit for the previous year 2023-24, which was 30 September 2024 in the case of assessees referred to in clause (a) of Explanation 2. It has been extended to 07 October 2024 from subsection (1) of section 139 of the Act. In such a situation, taxpayers filing audit reports have got a big relief.

What is the last date for filing ITR

Income tax audit is done for a special category of taxpayers under section 44AB. The last date for filing income tax return for taxpayers who have got their income tax audit done for the financial year 2023-24 is 31 October 2024. At the same time, the deadline for filing the audit report was 30 September 2024, which has been extended till 7 October. In such a situation, taxpayers who are unable to file ITR with audit report on or before 31 October 2024 can file ITR even after 31 October. Provided they have to file belated income tax return by paying a penalty.

Penalty will be imposed for filing after October 7

Let us tell you that the taxpayers who have to file the income tax audit report must file it by October 7, 2024. If you fail to file the report by the date extended by the department and file it after that, then you may have to pay a fine. For this, the Income Tax Department will recover the penalty amount from you which is equal to 0.5% of the total sales, turnover or gross receipts for the relevant financial year or Rs 1,50,000, whichever is less.

Shyamu Maurya
Shyamu Maurya
Shyamu has done Degree in Fine Arts and has knowledge about bollywood industry. He started writing in 2018. Since then he has been associated with Informalnewz. In case of any complain or feedback, please contact me @informalnewz@gmail.com
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