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Important Update: Tax Report Filing Deadline Extended to October 7
Central Board of Direct Taxes has officially extended the deadline for filing various audit reports under the Income-tax Act, 1961. This extension applies to assessees referred to in clause (a) of Explanation 2 to sub-section (1) of Section 139 of the Act. CBDT has issued Circular No. 10/2024 dated 29th September 2024, extending the deadline for filing the Income Tax Audit Report for the financial year 2023-24 (Assessment Year 2024-25). The original deadline for submitting the audit reports under any provision of the Income-tax Act for the Previous Year 2023-24 was 30th September 2024.
The new deadline for the Previous Year 2023-24 is now October 7, 2024, which has been extended from the original date of September 30, 2024. While late submissions beyond this revised deadline are still possible, taxpayers will face penalties and may have their income tax returns marked as defective if delays continue past this period.
Reason for Extension:
The CBDT's decision to extend the deadline comes after numerous reports of sluggish performance of the e-filing portal. Many taxpayers struggled to upload their audit reports on time due to the slow and unresponsive system. Acknowledging these technical challenges, the CBDT extended the deadline by using its authority under Section 119 of the Income Tax Act to provide relief to affected taxpayers. This decision follows recognition of the challenges many taxpayers and stakeholders have faced with the electronic filing process. This extension provides additional time for taxpayers and tax professionals to complete and submit their audit reports. For further details, refer to Circular No. 10/2024, dated 29-09-2024