On September 29, 2024, the Ministry of Finance issued a significant update regarding the filing of audit reports for the Assessment Year 2024-25. This decision comes in light of the challenges taxpayers and stakeholders have encountered while attempting to electronically submit various audit reports under the Income-tax Act, 1961.
Why the Extension?
The Central Board of Direct Taxes (CBDT) recognized that many taxpayers faced hurdles in meeting the original deadlines, particularly given the complexities of electronic submissions. The extension aims to provide some relief and ensure compliance without undue stress for those involved.
New Deadline Details
The deadline for submitting audit reports for the Previous Year 2023-24 has been extended from its original date of September 30, 2024, to October 7, 2024. This extension specifically applies to assesses referred to in clause (a) of Explanation 2 to sub-section (1) of section 139 of the Income-tax Act.
This extension is crucial for various categories of taxpayers, including:
- Businesses requiring statutory audits
- Individuals and entities mandated to submit audit reports for compliance
If you fall under these categories, this is an opportunity to ensure your filings are accurate and complete without the pressure of the original deadline.
