In a circular, the Income Tax Department stated, “The Central Board of Direct Taxes (CBDT) has decided to extend the specified date for filing various audit reports for the Previous Year 2023-24. The original deadline of September 30, 2024, for assessees referred to in clause (a) of Explanation 2 to sub-section (1) of Section 139 of the Act has been extended to October 7, 2024.”
According to the circular, the CBDT specified the category of taxpayers for whom the deadline has been extended to October 7. This includes individuals, companies, and other assessees who are required to undergo a tax audit and whose income tax returns must be filed by October 31. These taxpayers were originally required to submit their audit reports by September 30.
Central Board of Direct Taxes (CBDT), through Circular No. 10/2024 dated 29th September 2024, has extended the deadline for filing various audit reports under the Income-tax Act, 1961 for Assessment Year 2024-25. Initially set for 30th September 2024, the due date for furnishing audit reports has now been extended to 7th October 2024. This extension applies specifically to assessees mentioned under clause (a) of Explanation 2 to sub-section (1) of section 139 of the Income-tax Act, who faced difficulties in electronically filing the required reports. The extension has been granted under the powers conferred to the CBDT by Section 119 of the Income-tax Act, addressing challenges faced by taxpayers and other stakeholders in meeting the original deadline. This move is intended to ease the compliance process for taxpayers during the current assessment period for the Previous Year 2023-24.
Circular No. 10/2024 dated 29th September, 2024
F. No. 225/205/2024/ITA-ll Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes New Delhi, *****
Subject: – Extension of time lines for filing of various reports of audit for the Assessment Year 2024-25- reg.
On consideration of difficulties faced by the taxpayers and other stakeholders in electronic filing of various reports of audit under the provisions of the Income-tax Act,1961 (Act), the Central Board of Direct Taxes (CBDT), in exercise of its powers under Section 119 of the Act, extends the specified date of furnishing of report of audit under any provision of the Act 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 071h October, 2024. (Dr. Castro Jayaprakash. T) Under Secretary to the Government of India Copy to:
1. PS to F.M.I PS to MoS (F).
2. PS to Revenue Secretary.
3. Chairman (CBDT)& All Members ofCBDT.
4. All Pr. CCsIT/CCsITlPr. DGsIT/DGsIT.
5. All Joint Secretaries/CsIT, CBDT.
6. Directors/Deputy Secretaries/Under Secretaries ofCBDT.
7. Web Manager, with a request to place the’order on official Income-tax website.
8. CIT (M&TP), Official Spokesperson of CBDT with a request to publicize widely.
9. JCIT, Data Base Cell for placing it on irsofficersoniine.gov.in.
10. The Institute of Chartered Accountants of India, IP Estate, New Delhi.
11 . All Chambers of Commerce.
12. The Guard File.
Why has the income tax audit report deadline been extended?
In the circular, the CBDT stated: “Considering the challenges faced by taxpayers and other stakeholders in electronically filing various audit reports under the provisions of the Income-tax Act, 1961, the Central Board of Direct Taxes (CBDT), exercising its powers under Section 119 of the Act, has extended the deadline for submitting the audit report.”