In a message on social media platform X, CBDT said the due date for assessees of Section 139 has been extended from October 31, 2024, to November 15, 2024.
The Centre on Saturday extended the income tax return filing deadline for corporates by 15 days till November 15. In a message on social media platform X, CBDT said the due date for assessees of Section 139 has been extended from October 31, 2024, to November 15, 2024.
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“The Central Board of Direct Taxes (CBDT), in exercise of its powers under section 119 of the Income-tax. Act,1961 (‘the Act’), extends the due date of furnishing of Return of Income under sub-section ( 1) of section 139 of the Act for the Assessment Year 2024-25 in the case of assesses referred to in clause (a) of Explanation 2 to sub-section ( 1) of section 13 9 of the Act, which is 3 1’1 October, 2024 to 15th November, 2024,” the official notification said.
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The extension will allow corporations more time to ensure the accurate and complete filing of their returns.
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Income tax audit report
Last month, the deadline for submitting the income tax audit report for the financial year 2023-24 (assessment year 2024-25) was extended to October 7, 2024, from the original deadline of September 30, 2024. This extension provides taxpayers with additional time to meet their compliance obligations.
The Central Board of Direct Taxes (CBDT) announced the extension in a post on X (formerly Twitter), stating, “CBDT has decided to extend the specified date for filing various reports of audit for the previous year 2023-24, originally set for September 30, 2024, to October 7, 2024.” This decision affects assessees referred to in clause (a) of Explanation 2 to sub-section (1) of section 139 of the Income Tax Act.
Read More:- Govt extends ITR filing deadline for corporates by 15 days till November 15
ITR filing deadline
It is worth noting that the deadline for filing Income Tax Returns (ITR) for most salaried and business professionals for Assessment Year 2024-25 was initially set for July 31. However, individuals and entities subject to audit requirements have the option to submit their ITR until October 31, 2024. This deadline has now been further extended to November 15, 2024. The Income Tax Department offers these taxpayers an additional 90-day extension to allow for their accounts to be audited by a certified chartered accountant before filing their ITR.
Deadline extension
Previously, there have been instances where the government did not opt for an extension of the ITR filing deadline.
For the Assessment Year 2023-24 (FY 2022-23), no extensions were granted for corporate and individual ITR and tax audit deadlines. However, trusts were granted an extension due to modifications in the tax audit form.
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In the Assessment Year 2022-23 (FY 2021-22), both tax audit and ITR deadlines were extended by 7 days to October 7, 2022, and November 7, 2022, respectively, owing to technical issues with the e-filing portal.
During the Assessment Year 2021-22 (FY 2020-21), deadlines were extended twice due to the impact of the COVID-19 pandemic. The tax audit report submission deadline was extended to January 15, 2022, and the ITR filing deadline was extended to February 15, 2022.
