By:- B.T Team
Image Credit:- Google
This year's audit deadline extension was announced early, catching taxpayers off guard.
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.
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.
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.