Sun Sep 29 20:16:55 UTC 2024: ## Tax Audit Deadline Extended by a Week

The Central Board of Direct Taxes (CBDT) has announced a one-week extension for filing various audit reports, including Tax Audit reports for the financial year 2023-24. The original deadline of September 30th has been moved to October 7th.

This extension applies to assessees mentioned in clause (a) of Explanation 2 to sub-section (1) of section 139 of the Income Tax Act. The full details are available in CBDT Circular Number 10/2024 dated September 29th.

This extension also means the due date for filing Income Tax Returns (ITR) for audit cases related to FY 2023-24 has been extended by seven days.

**Penalties for Non-Compliance**

Failing to get accounts audited or submit a Tax Audit Report as required by Section 44AB could result in a penalty of 0.5% of the total sales, turnover, or gross receipts, or Rs. 1.5 lakh, whichever is lower.

**Important Note:** The due date for filing the Tax Audit Report under Section 44AB is one month before the due date for filing the Income Tax Return under Section 139(1).

**For more details, you can refer to CBDT Circular Number 10/2024.**

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