Question: As an individual engaged in the cloth manufacturing business with a turnover exceeding the specified limit for getting the accounts audited, I submitted the tax audit report for AY 2024-25 (i.e. FY 2023-24) within the prescribed due date. However, I missed the deadline for filing the income tax return for the same assessment year. Could you please advise on the corrective steps I should take to ensure compliance with the Income Tax Act?
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Answer given by CA (Dr.) Suresh Surana: Individuals who are required to get their accounts audited for the Financial Year 2023-24 (AY 2024-25), whether under the Income Tax Act or any other relevant legislation, must file their Income Tax Return (ITR) using the prescribed form by the specified due date, which is 31 October 2024.
Further, if such an assessee fails to meet this specified deadline, then in such cases:
* If the assessee is liable to pay tax, interest under Sections 234A, 234B, and 234C will be applicable. Additionally, a penalty under Section 234F will be imposed.
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* If the assessee is entitled to a refund, the interest on the refund will be calculated from the date of filing the return, rather than from 1st day of April of the assessment year, up until the date the refund is granted.
For AY 2024-25, the Central Board of Direct Taxes (CBDT) issued Circular No. 13/2024 on 26 October 2024, extending the deadline for filing Income Tax Return (ITR) for taxpayers who are required to have their accounts audited. The extended due date for filing the ITR is 15 November 2024. This extension offers an opportunity for those who have not yet filed to meet their filing obligations without incurring additional costs.
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As such, you may take benefit of this extension and file your income tax returns for AY 2024-25 within the extended deadline.
