The Central Board of Direct Taxes (CBDT) has extended the deadline to submit income tax audit reports for Assessment Year 2024-25.
The September 30 deadline for those requiring to submit audits is now extended by a week to October 7 under Section 119 of the I-T Act. The extension comes after user complained about difficulty is uploading their audit reports on the e-filing portal.
This is applicable to taxpayers who have to get tax audit done including individuals, companies and other assessees. These include professionals whose gross receipts exceed Rs 50 lakh and businesses with a turnover of more than Rs 1 crore.
Hence, it does not apply to salaried individuals whose deadline was July 31.
How much is the penalty for not filing income tax audit report?
If taxpayers fail to submit a tax audit report by the deadline, they have to pay a penalty of Rs 1.5 lakh or 0.5 per cent of the total sales, whichever is lower. This comes under Section 271B of the I-T Act.
Can the penalty be waived off?
Taxpayers can get their penalty waived off at the discretion of the assessing officer if there is reasonable cause for not submitting audit reports.