Income tax audit filing deadline in 2 days: What happens if you miss it
Published in CNBC TV18 | October 2025
According to Gaurav Jain, Partner, Direct Tax, Forvis Mazars in India, failure to file the tax audit report on time may attract a penalty under Section 271B—equivalent to 0.5% of total turnover, sales, or gross receipts, subject to a maximum of ₹1.50 lakh.
However, Jain noted that the Income Tax Department may waive penalties under Section 273B if the delay is due to reasonable causes such as technical difficulties, system errors, or unavoidable circumstances.