Only 3.1 Lakh Tax Audits Filed out of 40 Lakh: CAs Urge CBDT to Extend Deadline:

Only 3.1 Lakh Tax Audits Filed out of 40 Lakh: CAs Urge CBDT to Extend Deadline Every year, around 40 lakh tax audit reports are filed before the due date. But this year, only about 3.10 lakh reports have been filed as of now. Due to this, many companies and professionals across the country are feeling pressure, as the deadline to complete the tax audits is September 30, with only 10 days left. On top of that, the festive season is further reducing the working days, making it harder for compliance.

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With most of the audit work still pending, both the taxpayers and CAs are requesting the government to extend the deadline. Many professionals and CA associations have submitted representations urging the government to extend the tax audit report and Income Tax Return (ITR) filing deadlines. They mention several difficulties faced this year, which are affecting the timely compliance. The ICAI has also written to the chairman of the Central Board of Direct Taxes (CBDT), saying that this year, the ITR forms were released late and there is only a 15 days gap between the ITR and audit due dates, which is not enough. The other professional bodies cite that auditing each client's whole year of financial data, verifying details, and completing the OTP process takes much time. Without the extension, many businesses could face financial losses, heavy penalties and mental stress. They are requesting to extend the deadlines until 30th November 2025. CA Pankaj Shah, Central Council Member of ICAI, said that many NGOs also have important compliance deadlines on 30th September. The ICAI representatives and CBDT officials are likely to schedule a meeting to talk about these problems.