Income Tax Audit Report Deadline: Penalty for Late Submission and Relief by Tax Department
Last date for income tax audit report: Now you can submit your tax audit report till October 7, 2024.
If you are one of those people who need to get Income Tax Audit Report done, then there is good news for you. The Income Tax Department has extended the last date for submission of Tax Audit Report. Earlier the Tax Audit Report had to be submitted by 30 September 2024. But now you can submit your Tax Audit Report till 7 October 2024. The Income Tax Department has given this information.
Regarding this, the Income Tax Department has shared a post on the social media platform X. In which it is said that the Central Board of Direct Taxes has decided to extend the specified date for filing various reports of audit for the previous year 2023-24.
According to the CBDT circular, "All taxpayers who are required to get their tax audit done - including individuals, companies and other taxpayers whose ITR is required to be filed by October 31 of the assessment year - and who are required to submit the tax audit report by September 30... can now upload the tax audit report by October 7, 2024."
Who got the benefit?
This will benefit all those people who are required to get their income tax audit done. This includes individual taxpayers, companies and all those taxpayers who have to submit ITR by 31 October.
Why has the date for submission of tax audit report been extended?
There can be a penalty for not submitting the tax audit report on time. Keeping this in mind, the Income Tax Department has given this relief. Under the Income Tax rules, a penalty of Rs 1.5 lakh or 0.5% of the total sales, whichever is less, can be imposed for not submitting it on time.
How to submit income tax audit report?
You can submit your tax audit report online on the Income Tax e-filing portal (e-filing ITR portal). This is only for those people who need to get their tax audit done. If you do not need a tax audit, then you do not need to submit this report.
