Finance Minister Nirmala Sitharaman has given gifts to taxpayers before the beginning of New Year 2025. Actually, the Finance Minister has extended many deadlines for taxpayers. This has given taxpayers enough time to celebrate the New Year with family members and friends without any worries. Let us know which deadlines Nirmala Sitharaman has extended for taxpayers.
1. Belated/Revised Income Tax Return
The Income Tax Department has extended the deadline for filing belated/revised income tax returns for resident individual taxpayers. Its deadline was December 31, 2024. It has been extended to January 15, 2025.
2. Direct Tax Vivaad se Vishwas Scheme (DTSVS) 2024
The deadline for this scheme has been extended to January 31, 2025. This has given taxpayers additional time to settle their income tax related disputes. The government has launched this scheme to reduce the number of income tax related disputes.
3. Corporate Social Responsibility (CSR) 2024
The Ministry of Corporate Affairs has extended the deadline for filing Form CSR-2. It is mandatory for companies coming under the Corporate Social Responsibility Rules of the Companies Act, 2013 to file Form CSR-2. Now the deadline for this has been extended to March 31, 2025. This has given a lot of relief to the companies.
However, the Income Tax Department has not met all the demands of taxpayers and chartered accountants to extend the deadline. Many deadlines have not been extended beyond December 31, 2024.
The deadline for filing GSTR-9 and GSTR-9C under GST has not been extended. This has disappointed a large number of GST taxpayers.
The Income Tax Department has not extended the deadline for filing income tax returns for firms, companies, societies, NGOs etc. The deadline has not been extended for NRIs. If they have not filed or revised their income tax returns by December 31, 2024, then they will have to file an updated return and pay a penalty to the government in the form of additional tax.
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