ITR filing deadline for corporate taxpayers extended till November 15

Ahead of Diwali, a good news has come for Indian traders. The Central Board of Direct Taxes (CBDT) has extended the deadline for filing income tax returns for assessment year (AY) 2024-25 for corporates. The Finance Ministry said that corporates now have time till November 15, 2024 to file income tax returns, which is extended from the original deadline of October 31, 2024. Let us understand what will be the benefit of this and what does the rule say about it?

The government said this

The government has said that this extension applies to taxpayers falling under sub-section (1) of section 139 of the Income Tax Act, 1961. Notably, this extension comes after the government extended the deadline for submission of tax audit report from the initial time period of September 30, 2024 to October 7, 2024.

What does the rule say?

Let us tell you that under the Income Tax Act, some taxpayers have to get income tax audit done and submit the report by September 30 of the assessment year. Nangia Andersen LLP Tax Partner Sandeep Jhunjhunwala told the media that this extension will not apply to other income tax forms like tax audit report, transfer pricing certification in Form 3CEB and Form 10DA, for which the deadline will be October 31, 2024.

This will be the benefit

AMRG & Associates Senior Partner Rajat Mohan said that the decision of CBDT to extend the deadline for filing income tax returns for AY 2024-25, however, is not accompanied by official clarification. Experts believe that this decision of the government will reduce the tension of businessmen to file ITR amid the festive business. Businessmen were also expecting the government to do so. Because if the government did not extend the deadline, then along with looking at the business, the tension of filing income tax returns would have increased.