The Central Board of Direct Taxes (CBDT) has announced an extension for filing different audit reports for fiscal year 2023-24.
"Central Board of Direct Taxes (CBDT) has decided to extend the specified date for filing of various reports of audit for the Previous Year 2023-24, which was 30th September 2024 in the case of assessees referred in clause (a) of Explanation 2 to sub-section (1) of section 139 of the Act, to 7th October 2024" according to a statement issued by CBDT.
According to the circular, the CBDT made this decision after considering the difficulties taxpayers and other stakeholders confront while filing mandatory reports online. Many people and organizations were having difficulty fulfilling the original deadline for filing audit reports under the requirements of the Income Tax Act, 1961.
The CBDT, acting under Section 119 of the Income-tax Act, agreed to grant this prolongation. It applies to assessees who fall within clause (a) of Explanation 2 to sub-section (1) of Section 139 of the Act. This section applies to specified types of taxpayers who must submit audit reports for the assessment year.
The extension gives these taxpayers more time to finish their electronic files, allowing them to comply with the requirements without experiencing excessive pressure or fines.
Taxpayers are recommended to take advantage of this extended deadline and submit their audit reports on time by the new due date of October 7, 2024.
