New deadline for submitting tax audit report is approaching; File it else be ready to pay Rs 1.5 lakh or 0.5% of sales as penalty
The income tax audit deadline is on October 7, 2024, for FY 2023-24 (AY 2024-25). However, this deadline is an extended deadline, which means if you were pinning your hopes on the extended deadline, don't. The original deadline for submitting income tax audit report on the e-filing ITR portal was September 30, 2024. The government is unlikely to extend the deadline again.#sr_widget.onDemand p, #stock_pro.onDemand p{font-size: 14px;line-height: 1.28;} .onDemand .live_stock{left:17px;padding:1px 3px 1px 5px;font-size:12px;font-weight:600;line-height:18px;top:9px} #sr_widget.onDemand .sr_desc{margin:0 auto 0;} #sr_widget.onDemand .sr_desc{color: #024d99;margin-top:10px;} #sr_widget.onDemand .crypto .live_stock .lb-icon{8px 6px 5px 3px !important} #sr_widget.crypto.onDemand a.text{border-bottom:1px solid #ccc;padding-bottom:5px;display:block;width:100%} #sr_widget.onDemand .sr_desc .text p, #stock_pro.onDemand .sr_desc .text p{font-size:12px;font-weight:400;} "In response to a representation made by "Associated Chamber of Commerce & Industries" #Udhampur, a request was made to the Hon'ble Finance Minister for extension of the date for filing of Audit Report for Assessment Year 2024-25. Thank you Smt Nirmala Sitharaman ji @nsitharaman for conceding the request and issuing the orders accordingly," said Union Minister Dr Jitendra Singh on X (formerly Twitter).
— DrJitendraSingh (@DrJitendraSingh) What happens if you fail to file a tax audit report on or before October 7, 2024
According to SR Patnaik, Partner (Head - Taxation), Cyril Amarchand Mangaldas, the deadline extension has been provided only for the electronic filing of the tax audit reports by seven days to October 7, 2024. "This means that the tax audit ought to have been completed by September 30, 2024, and the filing can be made by October 7, 2024. In case these deadlines are not, then there would be consequences as prescribed under the provisions of the Income Tax Act, 1961. For non-compliance with section 44AB (tax audit), you will be charged a penalty of 0.5% of total sales or turnover or gross receipts or Rs 1.5 lakh, whichever is less," Patnaik says.
Legal
Digital Personal Data Protection Act 2023
By - Gaurav Khera, Partner, Risk Advisory: Deloitte
Office Productivity
Zero to Hero in Microsoft Excel: Complete Excel guide 2024
By - Metla Sudha Sekhar, Developer and Lead Instructor
Astrology
Vastu Shastra Course
By - Sachenkumar Rai, Vastu Shashtri
Strategy
ESG and Business Sustainability Strategy
By - Vipul Arora, Partner, ESG & Climate Solutions at Sattva Consulting Author I Speaker I Thought Leader
Office Productivity
Advanced Excel Course - Financial Calculations & Excel Made Easy
By - Anirudh Saraf, Founder- Saraf A & Associates, Chartered Accountant
Marketing
Performance Marketing for eCommerce Brands
By - Zafer Mukeri, Founder- Inara Marketers
Marketing
Digital Marketing Masterclass by Pam Moore
By - Pam Moore, Digital Transformation and Social Media Expert
Finance
A2Z Of Money
By - elearnmarkets, Financial Education by StockEdge
Finance
Budget Analysis, Forecasting & Control
By - Mandar V. Joshi, Partner and Head of Technology Implementation, Management Consulting: KPMG
Finance
Financial Literacy i.e Lets Crack the Billionaire Code
By - CA Rahul Gupta, CA with 10+ years of domain experience, trainer
Artificial Intelligence(AI)
Java Programming with ChatGPT: Learn using Generative AI
By - Metla Sudha Sekhar, Developer and Lead Instructor
Finance
Corporate Fraud and Forensic Modelling
By - Ankush Lamba, Managing Director- Ankura
Finance
AI and Generative AI for Finance
By - Hariom Tatsat, Vice President- Quantitative Analytics at Barclays
Artificial Intelligence(AI)
AI and Analytics based Business Strategy
By - Tanusree De, Managing Director- Accenture Technology Lead, Trustworthy AI Center of Excellence: ATCI
Web Development
Mastering Full Stack Development: From Frontend to Backend Excellence
By - Metla Sudha Sekhar, Developer and Lead Instructor
Legal
Drafting Commercial Contracts and Dispute Resolution
By - Shafaq Uraizee Sapre, Managing Partner: Mumbai, Chandhiok and Mahajan
Technology
Cybersecurity Masterclass
By - Gaurav Khera, Partner, Risk Advisory: Deloitte
Finance
Financial Reporting and Analytics
By - Dr. C.P. Gupta, Professor: Department of Finance and Business Economics, University of Delhi
Strategy
Succession Planning Masterclass
By - Nigel Penny, Global Strategy Advisor: NSP Strategy Facilitation Ltd.
Legal
Commercial Contract and Dispute Resolution
By - Mukul Sharma, Partner- Cyril Amarchand Mangaldas
Marketing
Digital marketing - Wordpress Website Development
By - Shraddha Somani, Digital Marketing Trainer, Consultant, Strategiest and Subject Matter expert
Your ITR can be considered defective if a tax audit report is not submitted
Only those taxpayers who are liable to conduct an income tax audit need to first upload the audit report and then file an ITR; both processes are linked with each other and can't be skipped. The original deadline to file ITR, if tax audit is applicable in your case, is October 31, 2024, for FY 2023-24 (AY 2024-25)."If you do not upload the tax audit report even after the deadline by paying a penalty then your income tax return (ITR) will be considered defective," says Patnaik from Cyril Amarchand Mangaldas.
Skipping to file a ITR even though tax audit is filed has equally bad consequences
According to Parveen Kumar, Partner, Direct Tax at Dewan P N Chopra & Co., if you miss the income tax deadline of October 31, 2024, for FY 2023-24 then you have to file a belated ITR. "Even such ITRs can also be filed only up to 31st December of the relevant assessment year involved," he says.Kumar explains the consequences of filing a belated return:
Late fees under section 234F- Rs 1000 shall be payable. (Rs 5000 if declared income exceed Rs 5 lakh),Interest on outstanding tax,Losses cannot be carried forward.According to Kumar, here are the consequences of not filing any ITR even if tax audit report is submitted:
Penalty: Assessing officer can levy a Penalty of Rs 5000 under section 271F.Interest on tax due: Interest under Section 234A may be charged on the outstanding tax liability.Issuance of notice for reassessment under section 148: Tax department may take up the matter for detailed scrutiny by issuing notice for income escaping assessment under section 148.No carry-forward of losses: Any losses, such as business losses or capital losses incurred by taxpayers, cannot be carried forward to future years if the ITR is not filed within the due date.Prosecution: In some cases, especially when the total tax liability is significant, the Income Tax Department may initiate prosecution for non-filing of ITRs. #sr_widget.onDemand p, #stock_pro.onDemand p{font-size: 14px;line-height: 1.28;} .onDemand .live_stock{left:17px;padding:1px 3px 1px 5px;font-size:12px;font-weight:600;line-height:18px;top:9px} #sr_widget.onDemand .sr_desc{margin:0 auto 0;} #sr_widget.onDemand .sr_desc{color: #024d99;margin-top:10px;} #sr_widget.onDemand .crypto .live_stock .lb-icon{8px 6px 5px 3px !important} #sr_widget.crypto.onDemand a.text{border-bottom:1px solid #ccc;padding-bottom:5px;display:block;width:100%} #sr_widget.onDemand .sr_desc .text p, #stock_pro.onDemand .sr_desc .text p{font-size:12px;font-weight:400;}
This story originally appeared on: India Times - Author:Faqs of Insurances
