New Delhi: Good news for companies! The Central Board of Direct Taxes (CBDT) has extended the deadline for filing income tax returns for the assessment year 2024-25. Originally set for October 31, 2024, the new deadline is now November 15, 2024, according to the Ministry of Finance.
This extension applies to income tax returns for the 2023-24 tax year, which are now due by November 15. This follows a recent move by the government to extend the deadline for submitting tax audit reports to October 7, 2024, from the original deadline of September 30. 2024.
Specified taxpayers under the income tax law must complete an income tax audit and submit the report by September 30 of the assessment year. Sandeep Jhunjhunwala, tax partner at Nangia Anderson LLP, clarified that this extension does not affect the deadlines for the Tax Audit Report, transfer pricing certification on Form 3CEB or other forms such as Form 10DA, which will still need to be submitted by 31 October 2024. .
Rajat Mohan, senior partner at AMRG & Associates, said that although the CBDT did not specify an official reason for the extension, it seems aligned with the upcoming festive season. “By extending the deadline to November 15, 2024, taxpayers and practitioners alike can prioritize accuracy and compliance without the stress of last-minute filings amid celebrations,” Mohan said.
Jhunjhunwala commented, “This specific extension seeks to facilitate compliance during a peak period while maintaining timely submission of critical audit documentation.” Earlier in September, the CBDT had already extended the deadline for submitting the tax audit report by seven days to October 7. (With contributions from PTI)
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