Revenue tax audit deadline prolonged: Corporates, taxpayers get reduction until December 10 | Particulars
The Revenue Tax Division on Wednesday prolonged the deadline for submitting revenue tax returns (ITRs) for corporates and assessees requiring an audit for the evaluation 12 months 2025–26 to December 10.
CBDT has determined to increase the due date of furnishing of Return of Revenue for the AY 2025–26. (Reuters)
Underneath the Revenue Tax Act, such taxpayers are required to file their returns of revenue by October 31 yearly. The division has now granted an extra 40 days to adjust to the requirement.
“The Central Board of Direct Taxes (CBDT) has determined to increase the due date of furnishing of Return of Revenue for the Evaluation Yr 2025–26, which is thirty first October 2025, to tenth December 2025,” the CBDT stated in a press release.
Moreover, the final date for submitting audited reviews has been pushed from October 31 to November 10.
Extensions as a result of disruptions
Earlier, on September 25, the division had prolonged the deadline for submission of audit reviews for the 2024–25 fiscal by one month until October 31, following business representations.
The extensions have been sought as a result of floods and different pure calamities in elements of the nation that disrupted regular enterprise {and professional} actions, in accordance with the PTI report.
For the present evaluation 12 months, the ITR submitting deadline for people was additionally prolonged from July 31 to September 15, after which to September 16.
As per official knowledge cited by PTI, over 7.54 crore ITRs have been filed until that date, with 1.28 crore taxpayers paying self-assessment tax.
What in case you miss the tax audit deadline
Tax specialists have cautioned that failure to file the tax audit report throughout the stipulated timeline may appeal to a penalty underneath Part 271B of the Revenue Tax Act.
Based on a report within the Mint, the penalty could quantity to 0.5% of complete gross sales, topic to a most of ₹1.5 lakh.
Nevertheless, the report notes that underneath Part 271B, no penalty can be levied if the taxpayer can present a “cheap trigger” for the delay or non-compliance.
For a tax audit, the required paperwork embrace money books, ledgers, financial institution statements, inventory data, and gross sales or buy invoices, which have to be reviewed by a Chartered Accountant.
Any taxpayer with a enterprise turnover exceeding ₹1 crore in a monetary 12 months, or ₹10 crore when money transactions account for lower than 5% of complete transactions, should endure a tax audit, one other report within the Mint added.
Equally, professionals are required to get their accounts audited if their gross receipts exceed ₹50 lakh yearly.
