The Income Tax (I-T) Department has announced an extension for the filing of audit reports for the financial year 2023-24, granting taxpayers an additional seven days. The new deadline is now October 7, instead of the earlier date of September 30.
In an official circular, the department cited the challenges faced by taxpayers in electronically filing various audit reports as the reason for the extension. "Considering the difficulties encountered in electronic filing under the Income Tax Act, the deadline is being extended from September 30 to October 7," the circular stated.
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Rajat Mohan, Executive Director at Moore Singhi, highlighted that technological issues with the tax audit report filing system contributed to the government's decision. "The load on the portal in the past few days has been overwhelming, causing chaos within the ecosystem. The government should either upgrade the system to handle this surge or consider staggering the filing timelines," Mohan said.
The Central Board of Direct Taxes (CBDT) confirmed in its circular that the extension applies to assessees covered under clause (a) of Explanation 2 to sub-section (1) of section 139 of the Income Tax Act, allowing them extra time to complete their filings until October 7, 2024.
Tax experts describe the extension as a major relief for many individuals facing challenges with the complexities of the filing process. Reports suggest that numerous taxpayers struggled with the e-filing portal, causing delays in submitting essential forms such as Form 10B and Form 10BB.