Tax audit deadline extended! Corporates, taxpayers can now file audit reports till this date — Details here

The Income Tax Department on Wednesday, 29 October 2025, extended the ITR audit deadline for corporates and taxpayers, allowing them to file their audit report until 10 November 2025 for the assessment year 2025-26, as per an official announcement.

In a post on platform X, the Income Tax Department announced that the Central Board of Direct Taxes has decided to extend the due date to file tax returns from 31 October 2025 to 10 December 2025.

“The Central Board of Direct Taxes (CBDT) has decided to extend the due date of furnishing of Return of Income under sub-Section (1) of Section 139 of the Act for the Assessment Year 2025-26, which is 31st October 2025 in the case of assessees referred in clause (a) of Explanation 2 to sub-Section (1) of Section 139 of the Act, to 10th December 2025,” the I-T Department announced in its post.

Were the dates extended before?

The ‘specified date’ for furnishing the tax audit report for the financial year ending 2024-25 was previously extended to 31 October 2025 from its original due date of 30 September 2025 after requests from various professional associations and chartered accountant bodies.

As the last date for furnishing the audit report nears, the tax department has announced that the deadline has been extended further to 10 November 2025.

“The ‘specified date’ of furnishing of the report of audit under the provisions of the Income-tax Act, 1961, for the Previous Year 2024-25 (Assessment Year 2025-26) is further extended to 10th November 2025,” said the tax department in its announcement.

The department also said that the CBDT will issue a separate formal order or notification on the deadline extension.

What happens if you miss the tax deadline?

If a company or an entity fails to submit its tax audit report to the Income Tax Department, it will potentially be charged a penalty under Section 271B of the Income Tax Act.

Mint reported earlier that the penalty amounts up to 0.5% of the total sales or is capped at a maximum of ₹1,50,000.

However, the report highlights that Section 271B also states that no penalty will be imposed on an entity if it can find a ‘reasonable clause’ for the non-compliance.

A cash book, ledger, bank statements, stock records, and sales/purchase invoices are among the audit account documents a chartered accountant requires to carry out an income tax audit.

Any taxpayer who has a business turnover of more than ₹1 crore in a particular financial year, or ₹10 crore when cash transactions are less than 5% of the total transactions, will be eligible for an income tax audit. Professionals should get their accounts tax audited if their gross receipts surpass ₹50 lakh per year.

Disclaimer: This article is for informational purposes only and does not constitute legal or tax advice. Taxpayers are advised to consult a qualified tax professional or refer to the official website of the Income Tax Department for accurate and up-to-date guidance before filing their returns.