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The Central Board of Direct Taxes (CBDT) has extended the deadline for submitting tax audit reports for the assessment year 2024-25. The new deadline is now October 7, 2024, instead of the original date of September 30, 2024. This extension helps taxpayers who faced difficulties with electronic submissions due to issues with the e-filing portal.
This deadline applies to those covered under section 139 of the Income Tax Act, 1961. A tax audit reviews accounts to ensure accurate income reporting, making it easier to file tax returns.
Penalties for Delayed Submission
If a taxpayer needs a tax audit but fails to complete it, they may face a penalty. This penalty will be either 0.5% of total sales or ₹1,50,000, whichever is lower. However, if the taxpayer can explain why they didn’t complete the audit, they may avoid the penalty. Who Needs to Submit a Tax Audit Report?
1. Businesses with sales over ₹1 crore.
2. Professionals earning more than ₹50 lakh a year.
3. Companies, regardless of income.
4. Some taxpayers under the presumptive taxation scheme also need a tax audit if they don’t meet specific conditions. These taxpayers must have their accounts audited by a Chartered Accountant, who will prepare the necessary forms for submission .
How to Submit the Income Tax Audit Report
1. Complete the Audit: Make sure your auditor finishes the audit and checks all details.
2. Log In: Go to the income tax e-filing portal and log in to your account.
3. Find the Upload Section: Look for the area to upload audit reports.
4. Select Assessment Year: Choose the correct year for your submission.
5. Upload the Report: Follow the instructions to upload your completed audit report and necessary forms.
6. Confirmation: After uploading, check that your report has been successfully submitted.
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