By:- B.T Team

Image Credit:- Google

10 Surprising News

For Income Tax Audit

Deadline Extension!

This year's audit deadline extension was announced early, catching taxpayers off guard.

1. Early Notice Shocks Taxpayers

Over 1 million taxpayers gain more time each year due to the extension.

2. 1 Million Taxpayers Benefit

3. Not Automatic for All

Extension eligibility isn't guaranteed—specific criteria must be met.

4. Penalties Still Apply

Miss the extended deadline? Heavy penalties await—no blanket escape.

The extension aids businesses struggling with year-end audits, giving crucial extra time.

5. Businesses Get Breathing Room

6. 85% Go Digital

Over 85% of audits now submitted digitally—a shift driven by COVID-19 reforms.

7. Aligned with Other Deadlines

The extension often aligns with GST and other key deadlines to streamline processes.

8. Not an Annual Guarantee

Extensions aren't given every year—economic and legislative factors decide.

9. Audit Firms Overloaded

Audit firms scramble to meet increased demand during the extension period.

10. No Tolerance for Non-Compliance

The extension helps, but non-compliance still faces strict scrutiny.

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