• Source:JND
Add as a preferred

Income Tax Audit Report Deadline Extended: The Central Board of Direct Taxes (CBDT) has declared an extension for the submission deadline of various audit reports for the fiscal year 2023-24. According to a notification issued by the CBDT on Sunday, the deadline for submitting this report has been extended from September 30 to October 7 this year.

"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," said CBDT in an official statement.

Also Read: KRN Heat Exchanger IPO Allotment Status: Know Steps To Check Share Allotment Status, Subscription Rates, GMP And Other Details

The circular said the decision was taken after the CBDT evaluated the problems faced by taxpayers and other stakeholders in submitting the required reports electronically. Numerous individuals and organizations encountered problems in meeting the initial deadline for submitting audit reports under the provisions of the Income Tax Act, 1961.

The CBDT determined to extend the deadline for execution of its power under Section 119 of the Income Tax Act. It applies to assessees covered under clause (a) of Explanation 2 to sub-section (1) of Section 139 of the Act. This clause relates to particular classes of taxpayers who are required to submit an audit report for the assessment year.

This extension provides extra time for these taxpayers to complete their electronic filings, ensuring they can adhere to the rules without encountering unnecessary problems or penalties.

Taxpayers are advised to take advantage of this extended period to ensure timely submission of their audit reports by the new due date of October 7, 2024.

Also Read: Manba Finance IPO Listing: Shares List At 20% Premium Over Issue Price

(With ANI's Input)