ITR Filing Deadline Extended: It is mandatory to file income tax return on time. If this is not done, one has to face legal problems. However, now the government has given a big relief to these taxpayers and has extended the deadline for filing ITR for them. The Central Board of Direct Taxes (CBDT) has issued its notification
It is mandatory to file income tax returns on time. If this is not done, one has to face legal problems. Now the government has given a big relief to the corporates and extended the deadline for filing ITR for them by 15 days to November 15. This information has been given by the Income Tax Department. The Central Board of Direct Taxes (CBDT) on Saturday extended the deadline for corporates to file ITR for the financial year (FY) 2023-24 i.e. asset year (AY) 2024-25. This year corporates can file till November 15 instead of October 31.
Earlier the deadline for filing tax audit report was extended
This extension in ITR filing will apply to taxpayers covered under sub-section (1) of section 139 of the Income Tax Act, 1961. Earlier, the government had extended the deadline for submitting tax audit report from the initial deadline of 30 September 2024 to 7 October 2024. Under the Income Tax Act, certain taxpayers are required to get their income tax audit done and its report has to be filed by 30 September in the assessment year.
They will not get the benefit of deadline extension
Talking to news agency PTI, Sandeep Jhunjhunwala, tax partner of Nangia Andersen, said that the deadline for filing ITR has not been extended for those for whom transfer pricing provisions and audit will be applicable. There will be no extension in the case of tax audit under section 44AB and transfer pricing under section 92CE and taxpayers will have to file ITR by October 31.
According to Sandeep Jhunjhunwala, this deadline has been extended so that corporates get more time and they can easily file ITR. Rajat Mohan, senior partner of AMRG & Associates, says that no official reason has been given for extending the deadline, but one reason for this could be the festive season so that one does not have to face the problem of filing ITR during the festive season.
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