The Income Tax Department has extended the last date for filing tax audit reports for the financial year 2024-25 from September 30 to October 31, 2025. This decision has brought relief to taxpayers who were unable to submit documents on time due to natural calamities or technical difficulties.
Reason for extension of deadline
The CBDT (Central Board of Direct Taxes) made this decision in light of disasters like floods and technical issues with the e-filing portal. Affected taxpayers can now submit their tax audit reports in a timely manner, without any rush. This decision will allow them to avoid penalties and legal complications.
Who can conduct a tax audit?
According to the Income Tax Act, individuals or businesses with a turnover of more than ₹1 crore (the limit may be as high as ₹10 crore in some cases) are required to undergo a tax audit. Furthermore, those with professional income exceeding ₹50 lakh are also subject to an audit. The audit is conducted by a chartered accountant and its report is required to be submitted with the income tax return.
Information on fines and penalties
Failure to file a tax audit report within the stipulated time may result in a penalty under Section 271B. This penalty can be up to a maximum of ₹1.5 lakh or 0.5% of the firm’s turnover. Therefore, taxpayers are urged to file all their reports on time.
How to do filing?
Taxpayers are advised to have all financial information, including bank statements, and documents related to expenses and income, ready. Reports are submitted through the e-filing portal, which is simple and secure. It is important to submit the audit report along with other required documents correctly.
With the new October 31st deadline, taxpayers will be able to file their tax audit reports with ease. This extension is a significant relief for them. Therefore, don’t rush, but submit your reports on time with complete preparation to avoid any future problems.
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