By Gunjan Rajput
Copyright republicworld
The All India Federation of Tax Practitioners (AIFTP) has requested the Central Board of Direct Taxes (CBDT) to extend filing deadlines for income tax returns (ITRs) and tax audit reports.AIFTP President Samir Jani told PTI, “Taxpayers are facing multiple challenges this year, from floods and landslides to portal glitches and compliance pressures. We have submitted a memorandum asking the CBDT to provide more time so everyone can file correctly.”Proposed New Deadlines You Should KnowAIFTP has suggested the following changes for AY 2025-26:Non-audit cases: ITR filing extended from September 15 – October 15, 2025Tax audit reports: Submission extended from September 30 – October 31, 2025Audit cases: ITR filing extended from October 31 – November 30, 2025Currently, taxpayers with audit accounts, companies, proprietorships, and partners, must submit their audit reports by September 30 before filing ITRs by October 31. CBDT has not confirmed any extensions yet.Do You Need a Tax Audit?You may need a tax audit if:Your business turnover exceeds Rs 1 crore (or Rs 10 crore if cash transactions are below 5% of total)Your professional gross receipts exceed Rs 50 lakh annuallyOther special circumstances applyA tax audit is essentially a financial check to ensure your income, expenses, and deductions are reported correctly, and your taxes are accurate.Penalties You Could AvoidMissing a tax audit deadline can trigger penalties under Section 271B:0.5% of turnover/gross receipts, capped at Rs 1,50,000No penalty if you can prove reasonable cause for the delayThis makes extensions crucial for taxpayers who want to avoid fines and errors in their filings.Why You Should CareThis year, many taxpayers are struggling with natural disasters, technical issues, and tight deadlines. Extending deadlines could mean:More time to prepare accurate returnsReduced stress for small businesses and professionalsLower risk of penalties and errorsAccording to AIFTP, “Extensions are not about delaying compliance—they are about ensuring taxpayers can file correctly and avoid mistakes that cost time and money.”As the deadline approaches, taxpayers are watching closely to see if CBDT will act on these recommendations.Read More – Rupee Pinned Near Record Low; Holds Ground On Central Bank Support
