Revised Income Tax Audit Report Deadline For AY 2024-25: Check Date and Penalties for Late Filing

Revised Income Tax Audit Report Deadline: The deadline to file a revised income tax audit report is crucial for taxpayers who need to correct any errors or discrepancies in their original submission. It is important to note that the revised report must be filed before the end of the relevant assessment year or within 60 days from receiving the notice of defect, whichever is earlier. 

The deadline for submitting the income tax audit report for the financial year 2023-24 (assessment year 2024-25) was originally set for October 7, 2024. However, the Central Board of Direct Taxes (CBDT) has now extended this deadline for certain taxpayers to November 10, 2024. Taxpayers should ensure their audit reports are submitted by this new date to avoid penalties.

If revisions are needed, the revised audit report must be submitted before the end of the relevant assessment year. For the current assessment year 2024-25, the deadline to upload a revised tax audit report for the financial year 2023-24 is March 31, 2025.

What Is Tax Audit? 

It is an examination or review of accounts of any business or profession carried out by taxpayers from an income tax viewpoint. It makes the process of income computation for filing of return of income easier. 

Penalty If You Delay in Filing Tax Audit Report 

If a taxpayer is required to undergo a tax audit but fails to do so, a penalty may be imposed. The penalty would be the lesser of 0.5% of the total sales, turnover, or gross receipts, or Rs 1,50,000. However, if the taxpayer give a reasonable cause for failing to complete the audit, no penalty will be levied under section 271B. 

Who Needs To Submit A Tax Audit Report?

-Businesses making more than Rs 1 crore in total sales. 

-Professionals earning over Rs 50 lakh in a year.

-Companies, no matter how much they earn.

Other specific cases are mentioned in tax rules, like those using the presumptive taxation scheme but not meeting certain conditions. These taxpayers must get their accounts checked by a Chartered Accountant, who will prepare an audit report (Form 3CA/3CB and Form 3CD) for them to submit.  

How To Submit The Income Tax Audit Report

Step 1: Ensure your auditor completes the audit, verifying all details for accuracy and correctness.

Step 2: Log in to the income tax e-filing portal using your credentials to access your account.

Step 3: Navigate to the appropriate section for uploading audit reports within the portal.

Step 4: Select the correct assessment year for which the audit report is being submitted.

Step 5: Follow the instructions to upload the completed audit report, including Forms 3CA/3CB and 3CD.

Step 6: After uploading the report, confirm that the submission has been successful and received by the system.