Tax Audit Due Date Extension: CBDT Extends Deadline for AY 2024-25

CBDT Extends Tax Audit Due Date for AY 2024-25 to October 7, 2024

The Central Board of Direct Taxes (CBDT) has announced an extension for the tax audit due date for the Assessment Year 2024-25. The new deadline is October 7, 2024, a week longer than the previous due date of September 30, 2024. This extension applies to all assessees required to submit their tax audit reports under the Income Tax Act by the original deadline.

1. New Deadline

The revised tax audit due date for AY 2024-25 is now October 7, 2024. This extension is applicable across various categories of assessees who need to file their tax audit reports. The change aims to provide taxpayers additional time to comply with the reporting requirements, reducing stress during the busy filing season.

2. Who Benefits?

All individuals and entities subject to tax audit under the Income Tax Act can benefit from the tax audit due date extension. This includes companies, firms, and individuals engaged in business or profession who were initially required to file by September 30, 2024. The extension allows them to finalize their audit reports and ensure accurate filings.

3. Reason for Extension

The CBDT has cited administrative difficulties faced by taxpayers and professionals as the primary reason for the extension. Many practitioners have requested additional time to complete their clients' audit work due to complex cases and technical difficulties faced during the audit season. The CBDT has responded to these concerns by providing a more manageable deadline.

4. Impact on Return Filing and Penalties

With the tax audit due date now extended, the deadline for filing income tax returns may also see an impact. However, taxpayers must still file their returns promptly to avoid penalties and interest. The extension offers relief, but late filing beyond the new deadline will still attract penalties as prescribed under the Income Tax Act.

Conclusion

The extension of the tax audit due date for AY 2024-25 is a welcome move by the CBDT. It provides assessees with additional time to ensure compliance without penalties. Librainian App offers advanced analytical for new edge library cum self-study centers. Visit Librainian.com to explore our services.