Income tax audit filing deadline extended, now filing can be done till this date

Income tax audit filing: The Income Tax Department has extended the last date for filing tax audit report for the financial year 2024-25 from September 30 to October 31, 2025.

Income Tax Extended Deadline: The Income Tax Department has extended the deadline for filing tax audit reports for the financial year 2024-25 from September 30 to October 31, 2025. This decision brings relief to taxpayers who were unable to submit documents on time due to natural disasters or technical difficulties.

Reason for the Extended Deadline

The CBDT (Central Board of Direct Taxes) has taken this decision in light of disasters like floods and technical issues on the e-filing portal. Affected taxpayers can now submit their tax audit reports in a timely manner, without any rush. This decision will provide an opportunity to avoid penalties and legal complications.

Who can conduct a tax audit?

According to the Income Tax Act, individuals or businesses with a turnover of more than ₹1 crore (the limit may be as high as ₹10 crore in some cases) are required to undergo a tax audit. Furthermore, those with professional income exceeding ₹50 lakh are also subject to an audit. The audit is conducted by a chartered accountant and its report is required to be submitted with the income tax return.

Information on Fines and Penalties

Failure to file a tax audit report within the stipulated timeframe may result in a penalty under Section 271B. This penalty can be up to ₹1.5 lakh or 0.5% of the firm’s turnover. Therefore, taxpayers are urged to file all their reports on time.

How to file?

Taxpayers are advised to have all their financial information, bank statements, expense and income documents ready. Submission of reports is done through the e-filing portal, which is simple and secure. It is important to submit the audit report along with other required documents correctly.

With the new deadline of October 31st, taxpayers will be able to file their tax audit reports comfortably. This extension is a major relief for them. Therefore, do not rush, but submit your reports on time with complete preparation to avoid any future difficulties.

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