CBDT Extends Deadline for Filing Audit Reports to October 7, 2024
The Central Board of Direct Taxes (CBDT) has announced an extension for the filing of various audit reports for the financial year 2023-24. According to a circular issued by the CBDT, the deadline has been moved from September 30 to October 7, 2024.
The CBDT stated, “Central Board of Direct Taxes (CBDT) has decided to extend the specified date for filing of various reports of audit for the Previous Year 2023-24, which was 30th September, 2024 in the case of assessees referred in clause (a) of Explanation 2 to sub-section (1) of section 139 of the Act, to 07th October 2024.”
This decision was made after considering the challenges faced by taxpayers and other stakeholders in submitting the required reports electronically. Many individuals and organizations were encountering difficulties in meeting the original deadline for filing audit reports under the provisions of the Income Tax Act, 1961.
The CBDT, exercising its authority under Section 119 of the Income-tax Act, decided to grant this extension. It applies to assessees covered under clause (a) of Explanation 2 to sub-section (1) of Section 139 of the Act. This clause refers to specific categories of taxpayers who are required to submit audit reports for the assessment year.
The extension provides additional time for these taxpayers to complete their electronic filings, ensuring they can comply with the rules without facing unnecessary pressure or penalties. Taxpayers are advised to make the most of this extended deadline and ensure timely submission of their audit reports by the new due date of 7th October 2024.
Doubts Revealed
CBDT -: CBDT stands for Central Board of Direct Taxes. It is a part of the Indian government that looks after taxes people and businesses have to pay.
Audit Reports -: Audit reports are documents that check if a company’s financial statements are correct. They are like report cards for businesses.
Financial Year -: A financial year is a 12-month period used for accounting purposes. In India, it starts on April 1 and ends on March 31 of the next year.
Income Tax Act, 1961 -: The Income Tax Act, 1961 is a law in India that tells people and businesses how much tax they need to pay to the government.
Taxpayers -: Taxpayers are people or businesses that have to pay taxes to the government. This money is used for things like building roads and schools.
Stakeholders -: Stakeholders are people or groups who are affected by or have an interest in a business or project. This can include employees, customers, and investors.
