Tax Audit Due Date Extended to 31 st December 2024: Dear Professional Associates! The Central Board of Direct Taxes (CBDT) has actually extended the due date of filing of ITRs to 31 st January2024 For more details pls click Twitter link:
Tax Audit Fee Date Extended to 31 st Dec 2024
Finally Excellent news for Business person, Business Owners and Chartered Accountants.
As a result, the date for furnishing of numerous audit reports under the Act consisting of tax audit report and report in regard of international/specified domestic deal has actually also been encompassed 31 st December, 2024.
In view of the obstacles faced by taxpayers in meeting the statutory and regulatory compliances due to the outbreak of COVID-19, the Government brought the Taxation and Other Laws (Relaxation of Certain Arrangements) Ordinance, 2024 (‘ the Regulation’) on 31 st March, 2024 which, inter alia, extended various time frame. The Regulation has considering that been changed by the Taxation and Other Laws (Relaxation and Modification of Certain Provisions) Act
In view of restrictions being dealt with by taxpayers due to COVID-19, CBDT further extends due dates for various compliances for FY 2019-20: The due dt of furnishing Income Tax Returns( ITRs) for taxpayers whose accounts need to be audited has been extended to 31 st, January,2024(1/5)
- The Government released a Notification on 24 th June, 2024 under the Ordinance which, inter alia, extended the due date for all Income Tax Returns for the FY 2019-20(AY 2024-21) to 30 th November,2024 Hence, the returns of income which were required to be submitted by 31 st July, 2024 and 31 st October, 2024 are required to be filed by 30 th November,2024 Subsequently, the date for providing numerous audit reports consisting of tax audit report under the Income-tax Act, 1961 (the Act) has actually also been encompassed 31 st October, 2024.
- In order to supply more time to taxpayers for furnishing of Income Tax Returns, it has actually been decided to additional extend the due date for providing of Income-Tax Returns as under:
- The due date for furnishing of Income Tax Returns for the taxpayers (including their partners) who are needed to get their accounts examined [for whom the due date (i.e. before the extension by the said notification) as per the Act is 31st October, 2024] has actually been extended to 31 st January, 2024.
- The due date for furnishing of Tax return for the taxpayers who are needed to provide report in regard of international/specified domestic transactions [for whom the due date (i.e. before the extension by the said notification) as per the Act is 30th November, 2024] has actually been extended to 31 st January, 2024.
- The due date for furnishing of Tax return for the other taxpayers [for whom the due date (i.e. before the extension by the said notification) as per the Act was 31st July, 2024] has been encompassed 31 st December, 2024.
- Subsequently, the date for furnishing of various audit reports under the Act including tax audit report and report in regard of international/specified domestic deal has likewise been extended to 31 st December, 2024.
- Further, in order to provide relief to little and middle class taxpayers, the said notice dated 24 th June, 2024 had also extended the due date for payment of self-assessment tax for the taxpayers whose self-assessment tax liability is up to Rs. 1 lakh. Appropriately, the due date for payment of self-assessment tax for the taxpayers who are not required to get their accounts audited was extended from 31 st July, 2024 to 30 th November, 2024 and for the auditable cases, this due date was extended from 31 st October, 2024 to 30 th November, 2024.
- In order to supply relief for the 2nd time to little and middle class taxpayers in the matter of payment of self-assessment tax, the due date for payment of self-assessment tax date is thus once again being extended. Appropriately, the due date for payment of self-assessment tax for taxpayers whose self-assessment tax liability depends on Rs. 1 lakh has actually been encompassed 31 st January, 2024 for the taxpayers pointed out in para 3( A) and para 3( B) and to 31 st December, 2024 for the taxpayers pointed out in para 3( C). 7. The essential notification in this regard will be issued in due course. (Surabhi Ahluwalia) Commissioner of Earnings Tax (Media & Technical Policy) Official Representative, CBDT
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