Central Board of Direct Taxes has extended the last day for submitting the audit findings for Fiscal Year 2023-24.
The CBDT’s circular (No. 10/2024, reference 225/205/2024-ITA-II) released on Sunday extended the last day for filing these reports from September 30 to October 7, this year .
The Central Board of Direct Taxes has extended the deadline for filing
CBDT chose to extend the stated date for filing the different reports of audit for the Previous Year 2023-24, which was 30th September, 2024 in the situation of assessees referred in clause (a) of Description 2 to sub-section (1) of section 139 of the Act, to 07thOctober 2024″ according to a declaration released by CBDT.
Table of Contents
According to the a circular process this decision was made after the CBDT evaluated the difficulties taxpayers and other partners confront while filing mandatory reports electronically. Many people and organizations were having trouble fulfilling the original deadline for completing audit reports under the requirements of the Income Tax Act of 1961.
Central Board of Direct Taxes decided to grant the extra time
The CBDT decided to grant the extra time while using its power under Section 119 of the Income-tax Act. It is applicable to assessees covered by clause (a) of Explanation 2 to sub-section (1) of Section 139 of the Act. This section applies to certain types of taxpayers who must provide audit reports for the taxation year.
The grace period gives these taxpayers more time to complete their electronic files, ensuring that they may follow the requirements without experiencing undue pressure or penalties.
Taxpayers are recommended to take advantage of this extra limit and submit the audit findings on time by the new due date of October 7, 2024.
you join our tazatimesnews Telegram Channel
you join our whatsapp channel
Next News Read – WTC points standings update following Sri Lanka’s 2-0 victory over New Zealand
Next News Read – Uddhav Thackeray : “Everything is being shifted to Gujarat”: Uddhav Thackeray criticizes Maharashtra CM Shinde for losing big construction projects
