The Central Board of Direct Taxes (CBDT) has officially extended the deadline for the submission of various audit reports for the Assessment Year (AY) 2024-25. The due date for filing these reports was initially set for September 30, 2024, but has now been pushed to October 7, 2024. This extension provides taxpayers, auditors, and stakeholders with an additional week to comply with the regulatory requirements.
Reason for Extension
This decision came under Section 119 of the Income-tax Act, 1961, with the CBDT recognizing the challenges faced by taxpayers and stakeholders in the electronic submission of audit reports. Given the evolving digital processes and the pressure of adhering to the stipulated timeline, the extension aims to facilitate a smoother and more efficient filing process.
Scope of the Extension
The extension applies to the filing of various reports under different provisions of the Income-tax Act. These include:
- Audit reports under Section 44AB (pertaining to businesses and professions exceeding certain turnover or income thresholds).
- Transfer pricing audit reports under Section 92E, required for entities engaged in international or specified domestic transactions.
- Audit reports related to charitable or religious trusts and institutions under Section 12A(b).
- Any other relevant audit reports that fall within the regulatory framework of the Income-tax Act, 1961.
Impact on Taxpayers and Auditors
The extension provides welcome relief for taxpayers and auditors who may have faced challenges in meeting the original deadline. It also allows sufficient time for stakeholders to ensure compliance with the electronic filing process, especially as certain audits require detailed examination and verification of financial records, international transactions, and transfer pricing documentation.
The deadline shift to October 7, 2024, also accommodates any technical or procedural difficulties taxpayers and auditors might face while accessing the online filing portal. The extension aims to reduce the burden and ensure accurate submission of data without rushing through the audit reports, promoting better compliance.
Conclusion
The extension of the deadline for filing audit reports for AY 2024-25 reflects the Income Tax Department’s acknowledgment of stakeholder difficulties and commitment to easing the compliance process. All taxpayers, auditors, and entities required to submit their audit reports are encouraged to utilize this additional time for accurate and complete filings.
