Mon Sep 30 21:20:02 UTC 2024: ## Tax Audit Deadline Extended: CBDT Grants One-Week Relief to Taxpayers
**New Delhi, September 30, 2024:** The Central Board of Direct Taxes (CBDT) has announced a one-week extension for filing tax audit reports for the Assessment Year 2024-25. The new deadline is now **October 7, 2024**, instead of the original September 30. This extension comes in response to challenges faced by taxpayers with the e-filing portal.
The extension applies to all taxpayers, including individuals, companies, and other assessees, who were initially obligated to file their tax audit reports by September 30.
“This is a significant relief for many taxpayers who were struggling with the complexities of the filing process,” said Chartered Accountant Deepak Chopra, Chairman of the Direct Tax Committee at the Karnataka State Chartered Accountants Association (KSCAA).
The CBDT acknowledged technical difficulties with the e-filing portal, particularly issues with submitting Form 10B and Form 10BB, in its circular issued on September 29. The extension was granted under the authority of Section 119 of the Income Tax Act.
While this extension is welcomed by many experts, they also caution against complacency. Taxpayers must still ensure they meet the new deadline to avoid penalties.
The extension has sparked hope among some taxpayers that the overall income tax return (ITR) deadline, currently set for October 31, could be extended further, potentially to November 7, 2024, due to the upcoming Diwali festivities.
For those who were facing the possibility of missing the original September 30 deadline, this extension provides 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.
However, it’s important to note that if taxpayers miss the revised October 7 deadline, they may still submit their reports but will face penalties and risk having their income tax returns marked as defective.
First Piper 