Whether salaried individuals or business owners, people often rush to file their Income Tax Returns (ITR) until the last moment.
This year, the deadline for salaried taxpayers was set for July 31.
On Saturday, however, the Income Tax Department extended the filing deadline for corporate taxpayers for the assessment year 2024-25 by an additional 15 days.
Corporates now have until November 15 to submit their ITRs.
The Central Board of Direct Taxes (CBDT) announced this extension in a notification, revising the previous deadline of October 31.
However, Nangia Andersen LLP Tax Partner Sandeep Jhunjhunwala clarified that this extension does not apply to tax audit reports.
Previously, in September, the CBDT had extended the tax audit report submission deadline by seven days, setting it to October 7.
CBDT Extends Due Date for furnishing Return of Income for Assessment Year 2024-25.
✅The due date for assessees under clause (a) of Explanation 2 to Sub Section (1) of Section 139 has been extended from October 31, 2024, to November 15, 2024.
✅Circular No. 13/2024 dated… pic.twitter.com/rstiKeYCEA
— Income Tax India (@IncomeTaxIndia) October 26, 2024
The notification also mentioned that this extension is for taxpayers under sub-section (1) of section 139 of the Income Tax Act, 1961.
This follows the government’s earlier decision to extend the deadline for submitting the income tax audit report from September 30, 2024, to October 7, 2024.
The Income Tax Act mandates that specific taxpayers must undergo an income tax audit and submit the corresponding report.
By extending the deadline to November 15, 2024, both taxpayers and professionals can focus on accuracy and compliance without the pressure of last-minute filings during the festive season.
Jhunjhunwala noted that this specific extension aims to support compliance during busy periods while ensuring the timely submission of essential audit documents.
