The Central Board of Direct Taxes (CBDT) has announced an extension for the deadline to file audit reports under the Income Tax Act for the Assessment Year 2024-25. Initially set for September 30, 2024, the deadline has now been pushed to October 7, 2024, providing relief for taxpayers facing technical difficulties with electronic submissions. This decision applies to all taxpayers and was made in response to reports of malfunctioning on the e-filing portal. While the extension provides financial relief for those at risk of missing the initial deadline, experts warn against complacency and urge taxpayers to still submit their reports by the new deadline to avoid penalties.
In response to technical difficulties with electronic filing on the new Income Tax portal, the CBDT has announced a one-week extension for taxpayers to submit required tax audit reports. This will provide much needed relief for individuals and businesses whose original deadline was September 30. However, experts warn against complacency and recommend submitting reports within the extended deadline to avoid penalties.
The Income Tax Department has extended the deadline for filing audit reports for the 2023-24 financial year by seven days to October 7, 2024 due to technical difficulties faced by taxpayers. Tax experts have attributed the extension to high traffic on the filing portal, causing disruptions. This move comes amid increased reliance on electronic filing and highlights the need for a more robust system to handle such loads.
The Central Board of Direct Taxes (CBDT) announced an extension for the deadline to file tax audit reports, originally set for September 30, 2024. The new deadline of October 7, 2024, comes in response to the challenges faced by taxpayers with electronic submissions under the Income Tax Act. The extension benefits a wide range of taxpayers and is seen as a significant relief for those struggling with the complexities of the filing process. The CBDT's decision was prompted by reports of technical difficulties and invokes its authority to extend the submission date for all affected taxpayers.
The CBDT has extended the deadline for filing tax audit reports to October 7, 2024, giving individual and corporate taxpayers an additional week to comply with the Income Tax Act. The move comes after technical difficulties with the e-filing portal resulted in challenges for taxpayers. Tax experts believe that the extension applies to all taxpayers whose deadline for filing income tax returns is also October 31, 2024. Failure to submit the report by the revised deadline could result in penalties under Section 271B of the Income Tax Act.