CBDT Extends ITR Filing Deadline for Corporates by 15 Days Till November 15, 2024
The Central Board of Direct Taxes (CBDT) has announced a significant extension for corporates to file their Income Tax Returns for the Assessment Year 2024-25. The deadline, which was originally set for October 31, has now been extended by 15 days to November 15, 2024.
This extension, issued under section 119 of the Income-tax Act, 1961, applies to assessees falling under clause (a) of Explanation 2 to sub-section (1) of section 139. However, it is important to note that certain documentation such as the Tax Audit Report, transfer pricing certification in Form 3CEB, and other income tax forms like Form 10DA, still have a deadline of October 31, 2024.
According to Tax Partner Sandeep Jhunjhunwala from Nangia Andersen LLP, this targeted extension aims to facilitate compliance during a peak period while ensuring the timely submission of critical audit documentation.
The CBDT’s decision to extend the deadline aligns with its efforts to enhance taxpayer compliance and provide individuals with adequate time to meet their obligations. This move comes after a previous extension in September for filing tax audit reports by 7 days till October 7.
Overall, this extension provides corporates with additional time to ensure accurate and timely filing of their Income Tax Returns for the upcoming assessment year.
