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 numerous teams of taxpayers.
The due date for taxpayers endeavor an earnings tax obligation audit and numerous different particulars classifications to submit their ITR for FY 2023-24 was reached November 15, 2024, from the preliminary due date of October 31, 2024. This enlargement was offered by the Central Board of Direct Taxes (CBDT) to allow applicable time for taxpayers to hold out a whole audit previous 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 firm entity
2. Any non-public taxpayer that is known as for to undergo audit in accordance with the Income Tax Act or any kind of varied different related regulation
3. Any companion of an organization whose financial paperwork require to be investigated in accordance with the Income Tax Act or any kind of varied different related regulation, or the associate of such companion if Section 5A (regarding income sharing in between companions managed by the Portuguese Civil Code) pertains to them.
Tax audit file
The taxpayer based mostly on an earnings tax obligation audit ought to provide specific info linked to the audit of their Income Tax Return (ITR), such because the day of entry of the audit file and the advice quantity. The ITR can’t be completed with out these info being gone into. Hence, it’s wanted for the taxpayer to complete the tax obligation audit previous to submitting their ITR.
If the due date for sending the income tax obligation audit file is missed out on, taxpayers ought to assure that the audit file is distributed earlier than submitting their ITR. Failure to take action may trigger 2 lawful offenses: failing to submit the ITR and lacking out on the entry of the tax obligation audit file.
Failure to satisfy the audit due date will definitely result in waiving the enlargement until November 15, and any kind of tardy entries will definitely maintain fines, probably consisting of a penalty in accordance with Section 271B along with ardour on distinctive tax obligation portions.
Taxpayers which have really missed out on the due date for sending the Tax Audit file must prioritise submitting the file by paying any kind of related fines. Once the Tax Audit file is distributed, they have to proceed to ship the ITR by November 15, 2024.
The due date for sending the tax obligation audit file for the 2023-24 was initially established for September 30, 2024. However, it was consequently reached October 7, 2024.
What if you happen to miss out on the November 15 due date
If a taxpayer falls quick to satisfy the November 15, 2024 due date for submitting their ITR, they’ll nonetheless choose to ship a belated return by December 31, 2024. Nevertheless, it will actually result in quite a few fines, such because the cost of ardour charges below Sections 234A and 234B. Moreover, a cost below Section 234F is likely to be imposed, various from Rs 1,000 to Rs 5,000, recognized by the taxpayer’s income diploma.
Also, failing to ship the tax obligation audit file on schedule may result in a cost of both roughly Rs 1.5 lakh or 0.5% of full gross sales, counting on which amount is decreased.
