Central Board of Direct Taxes extends deadline for filing audit reports of FY24 to October 7

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The Central Board of Direct Taxes (CBDT) has announced an extension for the filing of various audit reports for the financial year 2023-24.

According to a circular (No. 10/2024, reference 225/205/2024-ITA-II) issued by the Central Board of Direct Taxes on Sunday, the deadline for filing these reports has been pushed from September 30 to October 7, this year.

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"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 September 30, 2024, in the case of assessees referred in clause (a) of Explanation 2 to sub-section (1) of section 139 of the Act, to October 7, 2024," said CBDT in an official statement.

According to the circular, this decision comes after the CBDT considered the challenges faced by taxpayers and other stakeholders in submitting the required reports electronically. Many individuals and organizations were encountering difficulties in meeting the original deadline for filing audit reports under the provisions of the Income Tax Act, 1961.

The Central Board of Direct Taxes, exercising its authority under Section 119 of the Income-tax Act, decided to grant this extension. It applies to assessees covered under clause (a) of Explanation 2 to sub-section (1) of Section 139 of the Act. This clause refers to specific categories of taxpayers who are required to submit audit reports for the assessment year.

The extension provides additional time for these taxpayers to complete their electronic filings, ensuring they can comply with the rules without facing unnecessary pressure or penalties.

Taxpayers are advised to make the most of this extended deadline and ensure timely submission of their audit reports by the new due date of 7th October 2024.

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The government has proposed to invite suggestions on the Income Tax Act, 1961, from the private sector and tax experts beginning October, as part of an exercise to simplify the direct tax law, sources told PTI.

In a meeting with industry chambers earlier this month, the government said that functionality will be created in the Income Tax portal wherein suggestions could be made on different sections of the I-T Act to simplify the language and reduce litigation, reported PTI.

Following the Budget announcement, the Central Board of Direct Taxes (CBDT) set up an internal committee for a comprehensive review of the six-decade-old direct tax law and make it concise, lucid, easy to read and understand.

(With inputs from PTI)