The deadline to submit the income tax audit report has been extended to October 7, 2024, for taxpayers who are legally required to conduct an income tax audit of their accounts. Originally set for September 30, 2024, this extension provides taxpayers and professionals with additional time to file their reports without penalties.
Key Details:
- Extended Deadline: October 7, 2024
- Original Deadline: September 30, 2024
- Penalty for Late Filing: A fine of Rs. 1.5 lakh or 0.5% of total sales, whichever is lower, will apply for late submissions.
- Online Submission Requirement: The audit report must be filed electronically via the e-filing portal of the Income Tax Department.
This extension offers critical relief, especially considering the high penalties associated with late filing. Taxpayers are encouraged to utilize this additional time wisely and avoid last-minute submissions, ensuring compliance with audit requirements.
