The Central Board of Direct Taxes (CBDT) on Saturday extended the deadline for corporates to file income tax returns for the Assessment Year (AY) 2024-25.
The Ministry of Finance said that corporates now have until November 15, 2024, to submit their income tax returns, an extension from the original deadline of October 31, 2024.
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The extension applies to taxpayers covered under sub-Section (1) of Section 139 of the Income-tax Act, 1961, it said in a media release.
Notably, the extension comes after the government extended the deadline to submit tax audit report to October 7, 2024, from the initial deadline of September 30, 2024.
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The income tax law requires certain taxpayers to conduct an income tax audit and submit the report by September 30 of the assessment year.
Nangia Andersen LLP Tax Partner Sandeep Jhunjhunwala told PTI 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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AMRG & Associates Senior Partner Rajat Mohan said the CBDT’s decision to extend the deadline for filing income tax returns for AY 2024-25, though not accompanied by an official explanation, 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,” PTI quoted Mohan as saying.
Jhunjhunwala said, “This targeted extension seeks to facilitate compliance during a peak period while upholding the timely submission of critical audit documentation”.
(With inputs from PTI)
