The e-filing of Income Tax Returns (ITR) for the Financial Year 2023-24 (Assessment Year 2024-25) begun on April 1, 2024, with differing due dates for various groups of taxpayers.
The due date for taxpayers undertaking an earnings tax obligation audit and various other details classifications to submit their ITR for FY 2023-24 was reached November 15, 2024, from the initial due date of October 31, 2024. This expansion was provided by the Central Board of Direct Taxes (CBDT) to enable appropriate time for taxpayers to carry out a complete audit prior to sending their returns for the Assessment Year 2024-25.
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November 15 due date
The November 15 due date is for:
1. Any company entity
2. Any private taxpayer that is called for to go through audit according to the Income Tax Act or any type of various other relevant regulation
3. Any companion of a company whose economic documents require to be investigated according to the Income Tax Act or any type of various other relevant regulation, or the partner of such companion if Section 5A (concerning revenue sharing in between partners controlled by the Portuguese Civil Code) relates to them.
Tax audit record
The taxpayer based on an earnings tax obligation audit should offer particular information connected to the audit in their Income Tax Return (ITR), such as the day of entry of the audit record and the recommendation number. The ITR can not be finished without these information being gone into. Hence, it is needed for the taxpayer to finish the tax obligation audit prior to submitting their ITR.
If the due date for sending the revenue tax obligation audit record is missed out on, taxpayers should guarantee that the audit record is sent before submitting their ITR. Failure to do so might cause 2 lawful offenses: failing to submit the ITR and missing out on the entry of the tax obligation audit record.
Failure to fulfill the audit due date will certainly lead to waiving the expansion till November 15, and any type of tardy entries will certainly sustain fines, possibly consisting of a penalty according to Section 271B in addition to passion on exceptional tax obligation quantities.
Taxpayers that have actually missed out on the due date for sending the Tax Audit record needs to prioritise submitting the record by paying any type of relevant fines. Once the Tax Audit record is sent, they must continue to send the ITR by November 15, 2024.
The due date for sending the tax obligation audit record for the 2023-24 was originally established for September 30, 2024. However, it was consequently reached October 7, 2024.
What if you miss out on the November 15 due date
If a taxpayer falls short to fulfill the November 15, 2024 due date for submitting their ITR, they can still select to send a belated return by December 31, 2024. Nevertheless, this will certainly lead to numerous fines, such as the charge of passion fees under Sections 234A and 234B. Moreover, a charge under Section 234F might be imposed, varying from Rs 1,000 to Rs 5,000, identified by the taxpayer’s revenue degree.
Also, failing to send the tax obligation audit record on schedule might lead to a charge of either approximately Rs 1.5 lakh or 0.5% of complete sales, relying on which quantity is reduced.
