ITR filing deadline: The Income Tax Department has extended the deadline for filing income tax returns (ITR) for the financial year 2023-24 (Y2024-25) for taxpayers with certain specific and international transactions. The deadline for filing income tax returns has been extended by 15 days to December 15.
This decision of the government will help taxpayers avoid penalty for late filing of ITR. The due date for filing income tax return under section 139(1) of the Income Tax Act, 1961 is November 30 in the case of such taxpayers who are required to submit the report referred to in section 92E.
Extension of time limit for assessment year
In an official order issued by the Income Tax Department, it has been said that the Central Board of Direct Taxes (CBDT) has now extended the deadline for assessment year 2024-25 to December 15, 2024. CBDT has said that the deadline for filing income tax returns has been extended for those taxpayers.
Those who have undertaken international transactions are required to submit reports under section 92E. The extension of the deadline for filing ITR will mostly apply to entities participating in international or certain domestic transactions.
Strong economic financial position of the government
According to the official data released recently, the fiscal deficit of the Center at the end of the first seven months (April-October) of the current financial year was 46.5 percent of the full year target. This reflects the strong economic financial position of the government. The government aims to bring down the fiscal deficit to 4.9 percent of the gross domestic product (GDP) in the current financial year, from 5.6 percent in 2023-24.
According to data released by the Controller General of Accounts (CGA), the overall fiscal deficit, the difference between government expenditure and revenue, stood at Rs 7,50,824 crore during April-October this year. The revenue-expenditure data of the central government for the first seven months of 2024-25 showed that the net tax revenue was around Rs 13 lakh crore and 50.5 per cent of the budget estimate of the current financial year.
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