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Due date for tax audit report extended to 7th October 2024 for March 2024

The date for filing of Tax Audit report has been extended to 7th October 2024

As a citizen of India, having a business requires compliance with tax laws, which includes undergoing a tax audit. This audit examines a person's income, including salary, benefits, and other monetary rewards. Section 44AB of the Income Tx Act, 1961 mandate certain categories of individuals, businesses, and corporations to conduct a tax audit to ensure compliance with tax laws.

Failure to conduct a tax audit and furnish a report can result in a penalty. According to Section 271B of the Income Tax Act, 1961, the penalty for not filing a tax audit report is 0.5% of the total sales, turnover, or gross receipts, or a maximum of Rs.1.5 lakh, whichever is less. It is essential for businesses and individuals to comply with tax audit requirements to avoid penalties and ensure legal compliance.

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Central Board of Direct Taxes(CBDT) vide its Circular No. 10/2024 dated 29th September 2024 has extended the time limit for filing of Income Tax Audit Reports for FY 2023-24. The date has been extended from 30th September 2024 to 7th October 2024 due to the technical glitches faced by the taxpayers while filing their audit reports on the income tax portal.

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