There is a big news for taxpayers. The Central Board of Direct Taxes (CBDT) has announced the extension of the date for filing Income Tax Return (ITR) for the assessment year 2024-25.
In a notification issued under section 119 of the Income Tax Act, 1961, the deadline for taxpayers referred to in sub-section (a) of Explanation 2 of sub-section (1) of section 139 has been extended from 31 October 2024 to 15 November 2024.
Corporates now have more time
i.e. corporates now have time till 15 November 2024 to file their income tax returns. According to News 18, Nangia Andersen LLP Tax Partner Sandeep Jhunjhunwala said that this new deadline will not apply to other income tax forms like tax audit report, transfer pricing certification in Form 3CEB and Form 10DA. The deadline for these will be October 31, 2024.
The CBDT’s move is in line with its ongoing efforts to enhance taxpayer compliance, as well as ensure that individuals have sufficient time to meet their obligations. Earlier in September, the CBDT had extended the date for filing tax audit reports by 7 days to October 7.
