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The Central Board of Direct Taxes (CBDT) has granted a much-needed reprieve to taxpayers facing difficulties with the e-filing system by extending the deadline for filing tax audit reports for Assessment Year 2024-25. Originally slated for September 30, 2024, the new deadline is now October 7, 2024. This extension aims to alleviate the pressure on taxpayers who have encountered various technical challenges while navigating the e-filing portal. These challenges have been widely documented, with many taxpayers reporting difficulties in submitting required documents like Form 10B and Form 10BB, leading to delays and frustrations.
The extension will benefit a broad spectrum of taxpayers, including individuals, companies, and other assessees obligated to submit their income tax returns by October 31, 2024. Those who were initially required to file their tax audit reports by the September deadline can now utilize this additional week to complete their filing. Tax experts have widely welcomed this extension, recognizing it as a significant relief for those struggling with the intricacies of the filing process. The CBDT, in their circular issued on September 29, acknowledged these technical hurdles and exercised their authority under Section 119 of the Income Tax Act to extend the submission date.
While this extension provides a much-needed respite for taxpayers, it's crucial to remain vigilant and ensure all submissions are completed by the revised deadline to avoid penalties. Missing the new October 7 deadline could lead to the submission being marked as defective and incurring penalties. The extension not only alleviates immediate pressure but also raises hopes among taxpayers that the overall income tax return (ITR) deadline might be extended further, potentially to November 7, 2024. This speculation is fueled by the upcoming Diwali festivities in early November. For those facing the threat of missing the original September 30 deadline, this one-week extension offers crucial financial relief. It allows them to avoid penalties that could amount to Rs 1.5 lakh or 0.5% of total sales for late submissions.
Source: Income tax audit report deadline extended to October 7. Who benefits?