New Delhi: The income tax department on Saturday extended the deadline for filing income tax returns by corporates by 15 days till November 15 for assessment year 2024-25.
ITR Filing Deadline for Corporate
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.
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,” Mohan said.
Jhunjhunwala said, “This targeted extension seeks to facilitate compliance during a peak period while upholding the timely submission of critical audit documentation”.
ITR Deadline for Corporate
In a circular, the Central Board of Direct Taxes (CBDT) said the deadline will be extended from the earlier target date of October 31.
The new deadline for Assessment Year 2024-25 (for furnishing tax returns for fiscal 2023-24) is November 15.
Key Update: Deadline Extended to November 15th
In a recent announcement, the Income Tax Department has extended the due date for filing Income Tax Returns (ITRs) for corporate taxpayers. This extension is applicable to taxpayers covered under Sub-section (1) of Section 139 of the Income Tax Act, 1961.
Why the Extension?
While the specific reasons for this extension haven’t been explicitly stated, it’s likely due to various factors, including:
Complex Tax Regulations: The evolving tax landscape and intricate regulations can often pose challenges for taxpayers, especially corporations.Economic Conditions: Economic factors and business cycles can impact the timing of financial reporting and tax compliance.Administrative Ease: This extension provides additional time for taxpayers to gather necessary documents, prepare returns, and ensure accuracy.
What Does This Mean for Corporate Taxpayers?
If you are a corporate taxpayer, you now have until November 15th to file your ITR. This extension offers a valuable opportunity to:
Thorough Review: Take your time to meticulously review financial records and ensure accuracy.Consult with Experts: Seek guidance from tax professionals to optimize your tax liability and avoid potential penalties.Leverage Technological Tools: Utilize advanced tax software and online portals to streamline the filing process.
Important Considerations:
Stay Updated: Keep an eye on official notifications and announcements from the Income Tax Department for any further updates or clarifications.Penalty Implications: While this extension provides relief, it’s crucial to file your ITR before the deadline to avoid potential penalties and interest charges.Future Planning: Use this extended period to plan your future tax strategies and take proactive measures to optimize your tax compliance.
Earlier in September, the CBDT had extended the due date for filing tax audit reports by 7 days till October 7.
With PTI Inputs
