New Delhi: Good news for corporates! The Central Board of Direct Taxes (CBDT) has extended the deadline for filing income tax returns for the Assessment Year 2024-25. Originally set for October 31, 2024, the new deadline is now November 15, 2024, according to the Ministry of Finance.
This extension applies to income tax returns for the fiscal year 2023-24, now due by November 15. This follows a recent government move to extend the deadline for submitting tax audit reports to October 7, 2024, from the original deadline of September 30, 2024.
Specific taxpayers under income tax law are required to complete an income tax audit and submit the report by September 30 of the assessment year. Sandeep Jhunjhunwala, tax partner at Nangia Anderson LLP clarified that this extension doesn’t affect deadlines for the Tax Audit Report, transfer pricing certification in Form 3CEB, or other forms like Form 10DA, which will still need to be submitted by October 31, 2024.
Rajat Mohan, Senior Partner at AMRG & Associates, noted that although the CBDT didn’t specify an official reason for the extension, it seems aligned with the upcoming festive season. “By extending the deadline to November 15, 2024, taxpayers and professionals alike can prioritise accuracy and compliance without the stress of last-minute filings amidst celebrations,” Mohan said.
Jhunjhunwala remarked, “This targeted extension seeks to facilitate compliance during a peak period while upholding the timely submission of critical audit documentation.” Earlier in September, the CBDT had already extended the tax audit report filing deadline by seven days to October 7. (With PTI Inputs)
