Business
Income Tax Audit Report: Due Date, Eligibility, And Filing Rules

Last Updated:
Bhilwara Tax Bar Association seeks Rajasthan High Court extension for Tax Audit Report deadline due to portal glitches. ITR deadlines vary for audit and international transactions.

Taxpayers can still file their ITR even after the due date by filing a belated return. The Income Tax Department allows this option so that people who missed the deadline can still report their income and pay taxes properly.
Income Tax Audit Report Due Date: Even if the due date for non-audit taxpayers for filing income tax return (ITR) for FY 2024-25 (Assessment year 2025-26) is over, the income tax filing season hasn’t ended. Taxpayers whose accounts need to be audited—such as companies, proprietorships, and working partners in firms—have until October 31, 2025, to file their income tax returns (ITR) for the financial year 2024-25 (assessment year 2025-26).
Before they can do that, they must ensure their audit report is submitted by September 30, 2025. As of now, the Income Tax Department has not announced any extension to this deadline.
The Bhilwara Tax Bar Association has filed a writ petition in the Rajasthan High Court under Article 226 of the Constitution, seeking an extension of the September 30 deadline for filing Tax Audit Reports (TAR) for assessment year 2025-26.
The petition says that taxpayers and professionals are struggling with persistent glitches on the portal, delayed relase of ITR forms and limited working days ahead of the festival season.
Deadline for Those with International Dealings
If a taxpayer is involved in international transactions or certain specified domestic transactions, they are required to submit a report under Section 92E. In this case, the due date for filing ITR is November 30, 2025.
To stick to this timeline, their audit report must be submitted by October 31, 2025. Just like in other categories, the government has not given any update about extending this due date.
Missed the Due Date? Here’s the Belated ITR Deadline
If non-audit taxpayers miss the original ITR deadline on September 15, they can still file a belated return. For all taxpayers, the belated ITR for FY 2024-25 can be submitted until December 31, 2025. However, keep in mind that filing late might attract a penalty or reduce some tax benefits.
What Happens If You Miss The Deadline?
Taxpayers then need to pay interest at a rate of 1 per cent per month or part month on the unpaid tax amount.
Late Filing Penalty
Rs 1,000: If total income is below Rs 5 lakh.
Rs 5,000: If total income is above Rs 5 lakh and return is filed after the due date but before 31st December.
Losses under capital gains or business/profession can’t be carried forward to future years if you file late.

Varun Yadav is a Sub Editor at News18 Business Digital. He writes articles on markets, personal finance, technology, and more. He completed his post-graduation diploma in English Journalism from the Indian Inst…Read More
Varun Yadav is a Sub Editor at News18 Business Digital. He writes articles on markets, personal finance, technology, and more. He completed his post-graduation diploma in English Journalism from the Indian Inst… Read More
September 23, 2025, 17:53 IST
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Business
Lower standing charge tariffs set to be available by end of January, says Ofgem

Energy suppliers will be made to offer at least one tariff with lower standing charges as soon as January under plans confirmed by the industry regulator, but it ditched proposals to remove the fixed costs entirely for some deals.
Ofgem said it wants to give consumers more choice on how they pay standing charges, with the plans set to allow households to pay the costs as part of their unit rate by lowering the daily fixed amount.
If given the go-ahead, the new tariffs could be available by the end of January.
Standing charges are applied daily, regardless of how much energy the customer uses, and are used to cover the cost of supplying energy to homes and businesses.
They also cover the costs of building new network infrastructure and keeping the power on when energy suppliers go bust.
Campaigners say they are unfair because everybody pays the same rate, meaning they make up a far higher proportion of bills for people using less energy.
Ofgem stressed these charges cannot be removed entirely and that they can only be moved from one part of the bill to another, which means they are unlikely to mean lower energy costs.
It said it dropped earlier plans for tariffs with zero standing charges and much higher unit rates, as this could have unfairly impacted consumers with high energy needs, such as those who rely on power for medical reasons.
It is also looking to introduce a minimum usage on to the new tariffs so that those with second homes or properties left vacant for long periods do not disproportionately benefit.
Ofgem is now launching one final consultation on the plans, with aims to make a decision by the end of the year, paving the way for the new tariffs to be available to everyone across Britain by the end of January.
Tim Jarvis, director general of markets at Ofgem, said: “We’ve listened to thousands of consumers that wanted to see changes to the standing charge and taken action.
“We have carefully considered how we can offer more choice on how they pay these fixed costs, however we have taken care to ensure we don’t make some customers worse off.
“After examining all the options available to us, we believe that the right way forward is to require all major suppliers to offer at least one tariff with a lower standing charge.
“This will deliver the choice we know customers want, without having a detrimental impact on customers that have high energy needs.”
But he added: “We cannot remove these charges, we can only move costs around.
“These changes would give households the choice they have asked for, but it’s important that everyone carefully considers what’s right for them as these tariffs are unlikely to reduce bills on their own.”
It comes ahead of a 2% rise in energy costs when the next price cap change takes effect on October 1, which will see the bill for a typical household rise from £1,720 to £1,755 a year.
Martin McCluskey, minister for energy consumers, said: “Consumers should have freedom and choice when choosing an energy tariff that works for them.
“This proposal will make more tariffs available on the market, giving people more options to pay lower standing charges if that suits their needs.”
Ofgem said the new lower standing charge tariff mandate would be likely to only be a short-term measure while it moots permanent changes to allocate costs within the system, as the UK shifts towards renewable energy.
Simon Francis, co-ordinator of the End Fuel Poverty Coalition, said it was a “small step forward” and called on the industry to make sure that households “properly understand the deals they are signing up for”.
“This development doesn’t negate the need for long-term reform to make the system fairer,” he added.
Business
Au Vodka ads banned for targeting under-age teenagers

TikTok and Facebook posts for a brand of vodka have been banned for targeting under-age teenagers, the regulator has said.
A TikTok post by social media influencer Lucinda Strafford in June showed her filling a large gold-coloured vending machine which featured the Au Vodka logo with cans of Au Vodka Juicy Peach, before she took a sip from one of the cans and said: “That is so good.”
Accompanying text read “an actual DREAM OMG [hearts emoji] [peach emoji] unlimited Juicy Peach cans [smiling face with tears emoji] & I can keep it?! @Au Vodka ad”.
A paid-for Facebook post in June showed a video of influencer Kai Cenat opening a box containing a bottle of Au Vodka and drinking, before accompanying text read: “Haven’t Tried Au Vodka Yet? Secure The Taste Of The Summer, Au Vodka Juicy Peach [peach emoji] Essences of summer in every sip. [palm tree emoji] Shop Now Pay Later Available [credit card emoji].”
Another Facebook post in April showed a woman saying “you need to try this” before she held a bottle of Au Vodka Juicy Peach to the camera.
The Advertising Standards Authority (ASA) received one complaint that the first ad was inappropriately targeted at people under 18 years of age and the second and third ads featured someone who was, or seemed to be, under 25 years of age.
Au Vodka told the ASA that Strafford was a well-known reality personality from the TV series Love Island and over the age of 25.
They provided a screenshot of her audience demographics on TikTok, which they believed demonstrated that all of her followers were aged 18 or over.
They stated the ad was designed for a general adult audience and did not contain any themes or visual elements that were likely to be of particular appeal to under 18s.
Strafford’s management agency provided the same screenshot which showed a breakdown of her followers on TikTok by age group.
Au Vodka said the second ad had location targeting applied to deliver it to audiences in the US.
While it may have been possible that a small number of individuals based in the UK would have seen the post, those situations were rare and fell outside of their intended paid-for targeting strategy.
They acknowledged that Cenat was 23 years old, but stated that this was compliant with advertising laws in the US, where they had intended the ad to be seen.
Au Vodka acknowledged that the individual featured in the third ad was 24 years old at the time the ad appeared and was therefore in breach of advertising regulations.
They stated her inclusion in the ad was an oversight, and that they had taken steps to enforce stricter checks in future.
Under UK advertising rules, ads for alcoholic drinks or ads that featured or referred to alcoholic drinks must not be directed at people under 18 years of age, and no media should be used to advertise alcoholic drinks if more than 25% of the audience is under 18 years of age.
Further, people shown drinking or playing a significant role in ads for alcoholic drinks must not be, or seem to be, under 25 years of age.
The ASA said it therefore expected to see evidence that Au Vodka had taken appropriate steps to limit the likelihood of children or young people seeing their ads.
Noting that the minimum age required to create a TikTok account was 13, the ASA said that the screenshot of Strafford’s followers did not include data for any followers aged between 13 and 17.
The ASA said: “Because the proportion of under-18s who followed Ms Strafford’s account was not included, we could not take the data about her followers into account and therefore could not be certain of the proportion of her followers who were under 18.”
It added: “We considered overall that the (Love Island) TV series was popular with young people, including under 18s, and that a number of individuals who were under the age of 18 with TikTok accounts were therefore likely to interact with content related to Love Island on the platform.
“Even if those individuals did not follow Ms Strafford, we considered it was likely that the algorithm would determine her posts to be of interest to them, meaning they would appear in their ‘For You’ page.”
The ASA ruled: “In the absence of specific targeting tools and relevant demographic data being provided, and in view of the way in which users engaged with TikTok, we concluded that insufficient care had been taken to ensure that ad (a) was not directed at people under the age of 18. It therefore breached the code.”
In relation to the second and third ads, the ASA found that Cenat’s age of 23 and the woman’s age of 24 meant those ads had also broken the rules.
The ASA said: “The ads must not appear again in their current form. We told Au Vodka Ltd to ensure that their future ads were appropriately targeted and were not directed at people under 18 years of age.
“We also told them to ensure their ads did not feature individuals who were, or appeared to be, under 25 years of age.”
Business
Michelob Ultra becomes best-selling beer in the US

Michelob Ultra has become the top-selling beer in the US two year’s after its parent company’s Bud Light brand lost the title following a consumer backlash.
Anheuser-Busch, citing data from Circana, said on Monday that Michelob Ultra overtook Modelo Especial in US retail sales by volume in the year to 14 September.
Two years ago, Anheuser-Busch’s Bud Light brand’s sales slumped after a boycott over its work with transgender influencer Dylan Mulvaney.
Meanwhile, Constellation, which owns Modelo and Corona, has previously blamed its falling beer sales on tougher US immigration policies causing a drop in Hispanic consumers in the US.
About half of the Constellation’s sales come from Hispanic people in the US.
Earlier this month, Constellation cut its full-year guidance, pointing to a “challenging macroeconomic environment”.
Several consumer companies have in recent months highlighted a connection between US President Donald Trump administration’s stricter immigration policies and weak sales.
Coca-Cola and Colgate-Palmolive have also noted a slump in North American sales from Hispanic consumers.
Overall, the US beer industry has had a lacklustre year as US drinking habits are changing.
American have dialled down their beer consumption over the past four decades, according to the National Institute on Alcohol Abuse and Alcoholism.
Anheuser-Busch’s recent success comes after a difficult 2023.
As well as being facing boycotts for its social media work with Ms Mulvaney, Anheuser-Busch response to the criticism, which included putting two executives blamed for the relationship on leave, was also criticised.
Bud Light sales sank and it lost its spot as the top-selling beer in the US after more than two decades.
Anheuser-Busch on Monday said the launch of Michelob Ultra Zero, a non-alcoholic beer, has helped propel the brand’s popularity.
The brewer has also invested in marketing for Michelob Ultra, including at the FIFA Club World Cup and other major sporting events.
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