Great news for businesses and professionals across India! The Central Board of Direct Taxes (CBDT) has announced a significant extension for filing tax audit reports for the financial year 2024-25 (Assessment Year 2025-26). Originally set for September 30, 2025, the new deadline is now October 31, 2025. This crucial extension provides an additional month for specified assessees under section 139 of the Act to complete their compliance, offering much-needed breathing room amidst various operational challenges.
This decision by the CBDT comes after numerous appeals from various professional bodies, including prominent chartered accountant associations. These requests highlighted the genuine difficulties faced by both taxpayers and practitioners in meeting the earlier deadline. Factors such as disruptions caused by floods and natural calamities in several regions of the country, which severely impacted normal business and professional activities, were key considerations. Furthermore, several High Courts, including those in Rajasthan and Karnataka, had also urged the CBDT to consider an extension, underscoring the widespread need for this relief.
While extending the deadline, the Income Tax Department reassured everyone that the e-filing portal is running smoothly, with no reported technical glitches, and audit reports are being uploaded successfully. As of September 23, 2025, a substantial 4,02,000 tax audit reports and over 7.57 crore Income Tax Returns (ITRs) had already been filed. This extension is a golden opportunity to review your financial records meticulously and ensure all compliance requirements are met without undue haste. Remember, leveraging such extensions wisely is key to sound financial planning and avoiding last-minute stress!
