ITR filing deadline for corporate taxpayers extended till November 15

ITR filing deadline: The extension applies to taxpayers covered under sub-Section (1) of Section 139 of the Income-tax Act, 1961.

In Short

• CBDT extends corporate tax filing deadline to November 15, 2024
• Tax audit reports deadline remains unchanged, due October 31, 2024
• Applies to taxpayers under Section 139(1) of Income-tax Act

The Central Board of Direct Taxes (CBDT) has extended the deadline for corporate taxpayers to file income tax returns for the Assessment Year (AY) 2024-25. Originally set for October 31, the deadline is now November 15, 2024, as announced by the Ministry of Finance on Saturday.

The extension applies to taxpayers covered under sub-Section (1) of Section 139 of the Income-tax Act, 1961. This follows a recent extension of the tax audit report submission deadline, moved from September 30 to October 7, 2024.

Under income tax law, certain taxpayers are required to conduct an income tax audit, with the report traditionally due by September 30 of the assessment year.

However, Nangia Andersen LLP Tax Partner Sandeep Jhunjhunwala told news agency PTI that the extended filing date does not affect the Tax Audit Report, transfer pricing certification in Form 3CEB, or other tax forms like Form 10DA, which remain due by October 31, 2024.

Rajat Mohan, Senior Partner at AMRG & Associates, highlighted that the CBDT's decision to extend the filing deadline, while not officially explained, aligns 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," he told PTI.

Jhunjhunwala added, "This targeted extension seeks to facilitate compliance during a peak period while upholding the timely submission of critical audit documentation."