New Delhi: The Central Board of Direct Taxes revised the last date for filing tax audit reports in a bid to provide relief to corporate entities. The new deadline has been set for October 7, 2024, extended from the previous last date of September 30, 2024.
The announcement was shared by Union minister Jitendra Singh in a spot on social media platform X. The move was likely guided by a request made from the corporate sector, he said.
IMPORTANT INFORMATION FOR TAX PAYERS: In response to a representation made by “Associated Chamber of Commerce & Industries” #Udhampur, a request was made to the Hon’ble Finance Minister for extension of the date for filing of Audit Report for
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— Dr Jitendra Singh (@DrJitendraSingh) September 30, 2024
Why was last date for tax audit filing extended?
The CBDT extended the last date for tax audit filing to accommodate taxpayers for any difficulties faced during e-filing. The tax e-filing portal may experience lag, posing a risk of missing the deadline for corporate entities. This may result in penalties to the tune of 05 per cent of total sales or up to Rs 1.5 lakh, whichever is the lower value. The change was made by the CBDT under powers vested in Section 119 of the Income Tax Act, 1966.
What is tax audit and who needs to submit it
Tax audits are submitted by businesses whose turnover exceeds Rs 1 crore, and professionals whose earnings exceed RS 50 lakh. All companies irrespective of turnover are required to file tax audits. Income tax audits are carried out by registered chartered accountants.
Income Tax audit filing deadline extended: Corporate entities and individuals whose annual billings exceed Rs 50 lakh have been provided some relief by the Central Board of Direct Taxes which extended the deadline for tax filing. Personal Finance Business News – Personal Finance News, Share Market News, BSE/NSE News, Stock Exchange News Today
