In a significant development for taxpayers, the Central Board of Direct Taxes (CBDT) has announced an extension for the due date of filing Income Tax Returns for the Assessment Year 2024-25.
In a notification issued under section 119 of the Income-tax Act, 1961, the deadline for assessees referenced in clause (a) of Explanation 2 to sub-section (1) of section 139 has been moved from October 31, 2024, to November 15, 2024.
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Corporates now have until November 15, 2024, to file their income tax returns.
Nangia Andersen LLP Tax Partner Sandeep Jhunjhunwala said this extension would not apply to the Tax Audit Report, transfer pricing certification in Form 3CEB and other income tax forms like Form 10DA, for which the deadline would remain October 31, 2024.
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Jhunjhunwala added, “This targeted extension seeks to facilitate compliance during a peak period while upholding the timely submission of critical audit documentation”.
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The CBDT’s move aligns with its ongoing efforts to enhance taxpayer compliance while ensuring that individuals have adequate time to meet their obligations.
Earlier in September, the CBDT had extended the due date for filing tax audit reports by 7 days till October 7.
