Income Tax Department extended the date of audit report

If you are also worried about the last date of tax audit, then this news is for you. The Income Tax Department has extended the date of audit report. Many taxpayers were demanding a change in this, on which the department has taken this decision. The Income Tax Department has extended the date for filing audit report for 2023-24 by seven days to October 7.

Earlier, if you did not file the report by September 30, then a fine of Rs 1.5 lakh would have been imposed. Giving information, the Income Tax Department said that in view of the difficulties being faced by taxpayers in electronically filing various audit reports under the Income Tax Act, the deadline is being extended from September 30 to October 7. Rajat Mohan, Executive Director of accounting and consultancy company Moore Singhi, said that due to technical problems in electronically filing the tax audit report, the government had to take the decision to extend the deadline by seven more days.

Non-submission of tax audit report may attract a penalty, in this regard, the date has been extended. The CBDT circular issued on September 29 said that keeping in view the problems faced by taxpayers and other stakeholders in electronic filing of various reports of audit under the provisions of the Income Tax Act, 1961 (Act), the CBDT has extended the date for submission of audit reports using its powers under section 119 of the Act.

There are some prerequisites for filing a tax audit report, which is important to keep in mind. If you are thinking of filing, then first of all both the chartered accountant and the taxpayer should be registered on the portal and they should have a valid login ID and password on the e-filing portal. The CA and the taxpayer should also have a digital signature. Along with this, it is necessary to have a PAN card.