The last date for filing income tax returns for the financial year 2023-24 has been extended. Now taxpayers who are audited will be able to file returns till November 15. CBDT has taken this decision giving relief to the taxpayers.

Business Desk. For taxpayers for whom submission of the tax audit report is compulsory, the last date for filing ITR has been extended from 31 October to 15 November.  This extension has been given by the Central Board of Direct Taxes (CBDT) so that taxpayers get enough time to audit thoroughly before submitting their returns for the assessment year 2024-25. 

Know for whom the deadline will be till November 15

1. Any corporate unit.

2. Any individual taxpayer who is required to undergo an audit process as per the Income Tax Act or any other applicable law.

3. Any partner of a firm whose financial records are required to be audited under the Income Tax Act or any other applicable law, or the spouse of such a partner to whom Section 5A (regarding income sharing between spouses governed by the Portuguese Civil Code) applies.

Why is a tax audit necessary before filing an ITR?

Under income tax audit, taxpayers are required to provide specific details related to the audit in their income tax return (ITR), such as the date of submission of the audit report and the acknowledgment number. Without these details, the ITR cannot be completed. Therefore, taxpayers need to complete the tax audit before filing their ITR.

If you miss the deadline, you will have to pay a fine.

ITR cannot be filed without submitting the audit report, so first fill in the tax audit report. Failure to do so will be considered two legal violations. First, failure to file ITR and second, not submitting the income tax audit report. Failure to meet the audit deadline will forfeit the extension till November 15 and late submission will attract a penalty. This includes a penalty as per section 271B and interest on the outstanding tax amount.

Even if you miss the deadline, you can file ITR till 31 December

If a taxpayer misses the November 15, 2024 deadline to file his ITR, he can still opt to submit a belated return by December 31, 2024. But he will be charged a penalty, which includes interest charges under sections 234A and 234B. Apart from this, a penalty can be imposed under section 234F, which can range from Rs 1,000 to Rs 5,000 depending on the level of income of the taxpayer. Also, non-submission of tax audit reports on time can attract a penalty of up to Rs 1.5 lakh or 0.5% of total sales, depending on which amount is less.